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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.

Biden warned Putin of specific "consequences" if Russia invades Ukraine

Photo: Kremlin Press Office/Handout/Anadolu Agency via Getty Images

In a video call that lasted for just over two hours on Tuesday, President Biden warned Russian President Vladimir Putin that if Russia invades Ukraine the U.S. will impose unprecedented sanctions and provide additional weaponry to the Ukrainians, national security adviser Jake Sullivan said.

Why it matters: Russia's military activity on the border with Ukraine has triggered alarms from the U.S. and its European allies of a potential large-scale Russian invasion in early 2022. Sullivan said Biden made clear to Putin that, "things we did not do in 2014, we are prepared to do now."

Senate leaders sell members on debt limit deal

Sen. Chuck Schumer (L) and Sen. Mitch McConnell (R) Photo by Anna Moneymaker/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) are urging their respective caucuses to back a deal that would clear a path to raising the debt ceiling.

Driving the news: The agreement, negotiated by the two leaders and House Speaker Nancy Pelosi (D-Calif.), involves Congress passing a law allowing a one-time rule change so the Senate can raise the debt ceiling with just 51 votes, rather than the 60 typically needed to overcome the filibuster.

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