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Photo by Marla Aufmuth/Getty Images for Pennsylvania Conference for Women 2019

TheSkimm, a digital media company catering to millennial women, has hired JPMorgan Chase & Co. to evaluate deal offers, sources tell Axios.

By the numbers: The company brought in roughly $20 million in 2019 revenue, per sources. Its leadership has been telling stakeholders that it expects revenues this year to be nearly double that number by year's end.

Details: Sources say the company is eyeing sales to non-media companies, like financial services companies and luxury brands that are desperate to reach millennial women.

  • It's also explored some strategic partnerships, which would be with media companies, including being a part of a SPAC rollup.
  • It's had a few conversations with pure-play media companies, like Discovery, which on Monday announced a mega-deal of its own with WarnerMedia.
  • The company officially engaged JPMC a few weeks ago to evaluate inbound offers and partnerships.

Be smart: TheSkimm's value to a products or services company may be greater than it would be to a traditional media company.

  • TheSkimm is one of the few assets up for sale that could help a brand reach millennial women. (Its main newsletter The Daily Skimm has over 7.5 million active subscribers, mostly women under 35.)
  • Its financials may be a tougher sell for a traditional media company, looking to maximize profits from content, as opposed to company selling goods or services to a niche audience of millennial women.
  • TheSkimm has raised nearly $30 million from a number of investors, including GV (Google Ventures), Goldman Sachs, RRE Ventures and Homebrew.

The big picture: More companies that aren't traditional media firms have been exploring such deals as a way to boost customer acquisition.

  • For example, HubSpot, a publicly-traded marketing software company, bought The Hustle, an email newsletter company targeted at entrepreneurs, in February for $27 million.
  • TheSkimm's investments in financial literacy content for millennial women may make it an attractive asset for a financial tech or services company. During the pandemic, it launched a financial literacy vertical called SkimmMoney alongside a virtual course program called "SkimmU."

Between the lines: Rumors and speculation around TheSkimm's sale prospects have been swirling for years, as the company is one of the remaining standalone digital media companies that's left to buy.

  • More media companies are consolidating to be able to better compete with tech giants like Facebook or Google for eyeballs and attention.

Go deeper

Miriam Kramer, author of Space
Aug 24, 2021 - Science

Virgin Orbit catches SPAC fever

A Virgin Orbit flight in January. Photo: Virgin Orbit/Greg Robinson

The small launch company Virgin Orbit announced this week that it's planning to go public via a special purpose acquisition company (SPAC).

The big picture: The news comes after a number of space companies have recently done the same, including Virgin Galactic, Virgin Orbit's sister company focused on human spaceflight.

Updated 3 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.

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