The media firm Recurrent Ventures has dismissed its chief government officer, Alex Vargas, after one 12 months within the position, in line with two individuals acquainted with the matter. Vargas had served because the chief working officer for seven months earlier than turning into CEO.
In his place, the corporate has elevated Andrew Perlman, a co-founder of Recurrent Ventures and former managing director at North Fairness, the personal fairness firm that owns Recurrent Ventures.
A consultant for the corporate confirmed the information.
“We’re appreciative of every thing Alex has helped us accomplish within the final 18 months,” mentioned director of communications Cathy Hebert. “His perspective and perception have helped each aspect of the corporate and put us in a powerful place. Provided that Andrew has been a part of Recurrent from the start, the board feels he’s uniquely positioned to guide the corporate and assist it proceed to evolve and develop.”
Recurrent Ventures, which has acquired greater than two dozen distressed editorial properties since 2018, has struggled to take care of constant management since its blockbuster entry onto the media panorama. Perlman would be the third CEO to helm Recurrent Ventures within the final three years.
With its personal fairness backing, Recurrent Ventures has raised a warfare chest of $400 million. Its most up-to-date spherical of financing, $300 million in Might 2022, was led by Blackstone.
The corporate used the capital to amass titles similar to Area & Stream, Domino and Common Science. Its enterprise depends totally on a mixture of programmatic promoting and affiliate income.
Nonetheless, its speedy spending spree left the corporate overextended and resulted in accusations of mismanagement and sporadic layoffs, as Adweek first reported in October 2022. In July 2021, for example, the corporate acquired Mel Journal solely to shutter it a 12 months later.
Recurrent Ventures, alongside media corporations like Dotdash Meredith, Ziff Davis and Future plc, embodied the idea of intent media. On this mannequin, publishers produce area of interest service journalism designed to carry out effectively in search inquiries, which then supplies pure contextual alignment between high-intent readers and related manufacturers.