E.W. Scripps adds Cracked to portfolio in millennial and OTT push
In an effort to expand its portfolio of millennial-geared properties, EW Scripps last week acquired the satire and humor site Cracked for $39 million. Cracked, in tone and in audience, has long competed with MAD Magazine and The Onion.
According to comScore, 50 per cent of Cracked’s online audience comes directly to the site and spends more than eight minutes on average engaging with content.
In addition to a millennial push, Scripps is also expanding in the over the top (OTT) space, and sees Cracked as another way in:
"Cracked is a natural extension of the Scripps strategy to take a leadership position in high-growth content marketplaces," saidAdam Symson, Scripps chief digital officer. "Scripps will help Cracked reach new and larger audiences as it continues to build its brand on the web, in over-the-top video and audio and on other emerging platforms."
Scripps also owns Newsy, an OTT-first news brand.
Cracked magazine launched in 1958 and was purchased by Demand Media in 2007. The team will continue to operate out of its Santa Monica offices.