Butts n boobs for the win?
Now, I am not what would be described a “financial wizard.” But I have shared, with you, the time that I was invited to interview David Petraeus onstage in Miami and some ultra-exclusive moneyman gathering. The conference’s founder loved having a “wild card” at each of his events, thus me, and there I sat in a comfortable chair chatting Middle East business with the general.
Afterward, mingling with the hundred, or such, millionaires and billionaires, I got to speaking of my own investment strategies with the owner of the Boston Celtics basketball team. He listened, carefully, then said, “You are a unicorn. You get it exactly wrong such a large percentage of the time that you become valuable. Basically whatever you do, I would do the opposite and win.”
Yes, I have rotten instincts and so maybe the just-announced purchase of defunct Surfer magazine, plus the digital assets of Men’s Journal, Skateboarder, Snowboarder and other dribs and drabs from David Pecker’s a360 by “tech powered” media company The Arena Group for an alleged $25 million United States dollars makes all the sense in the world because I think it is stupid.
Per reporting, The Arena Group, which counts more than 240 titles including Sports Illustrated and Parade, the magazine that comes in newspapers that grandmas love, its own.
Ross Levinsohn, Chairman and CEO of The Arena Group, who had a spot of #MeToo trouble, bullishly declared, “For years, consumers have trusted Men’s Journal for exclusive lifestyle content and guidance on travel, gear, the outdoors, style, food & drink, and more. Additionally, the titles within the Adventure Network have long stood for excellence with passionate enthusiasts within the Ski, Surf, Biking, and Skateboarding communities. There are natural synergies between these brands and our existing audiences we can leverage and enhance through integration, distribution, and our playbook, driving incremental value, growth, and profitability. This strategic investment underscores our commitment to diversifying and devoting resources to opportunities where we see the most value across The Arena Group.”
Not as nice as vectors, certainly, but still very cool.
A dear friend in the media space said unto me, “Hard to overstate how insane the $25 million figure is given that Men’s Journal was the only title driving any revenue at all and it’s unlikely it was doing more than $8 – $10 million, 90% of which was print and they’re shuttering print.”
Which leaves Surfer.
Was the butts n boobs contest a wild financial success?
Perfect for Levinsohn’s “frat house behavior trail” in any case.