Latino digital media company NGL Collective to merge with mitú
GoDigital Media Group, owner of Latino digital media company mitú, said today it is acquiring NGL Collective in a deal valued at more than $60 million.
Why it matters: It's the latest sign of M&A activity in digital media, and it creates a new media brand serving U.S. Latinos.
Details: The deal had the backing of investment firm MEP Capital. No other terms were disclosed.
- GoDigital said it will merge NGL Collective with mitú and retain the former's name.
- The release said the new media brand will reach Latino communities through an "array of social media and editorial sites, in-person and virtual community events and published research."
- CEO David Chitel and partner John Leguizamo will remain at the top of NGL Collective, as will COO Ben Leff, NGL Studios chief creative officer Ben DeJesus and CRO Joe Bernard. Vanessa Vigil will be promoted from general manager of mitú to chief brand officer of NGL.
By the numbers: Mitú had raised $52 million in funding, per Crunchbase. Its latest round, for $10 million, was in 2018. Leap Global Partners led, and was joined by Upfront Ventures, WPP and Verizon Ventures.
What they're saying: "The power and influence of U.S. Latinos merits a company like NGL exclusively focused on connecting advertisers with our coveted audience in-language, in-culture and in-context. The depth of our newly expanded offering inclusive of mitú makes us far and away the leader in our space," Chitel said.