Crypto media company Blockworks acquires The Breakdown
Blockworks, a media company that covers cryptocurrency for professionals, has acquired The Breakdown, a podcast network, Blockworks co-founder Jason Yanowitz told Axios.
Why it matters: The deal marks the company’s first acquisition since raising its first round of private capital last May.
“This acquisition marks a significant expansion of our podcast network, enhances our advertising capabilities, and broadens our distribution channels,” Yanowitz said.
- He added that the deal also strengthens Blockworks’ ability to cross promote events and research.
Zoom in: The Breakdown will become the flagship daily podcast of Blockworks.
- The Breakdown consists of The Breakdown podcast, a YouTube channel, and a newsletter, as well as the Bitcoin Builders podcast.
- Deal terms were not disclosed.
Zoom out: The agreement is part of a broader strategy shift at Blockworks to invest in podcasts that it can build into bigger standalone media brands via ancillary products, like newsletters and events, that cater to different audiences.
- Up until now, its shows — such as Empire, Bell Curve, 0xResearch, Lightspeed, Forward Guidance, On the Margin, and 1000x — were all created in-house.
Catch up quick: Yanowitz co-founded Blockworks in 2018 with Michael Ippolito.
- The firm makes money from selling ads and sponsorships against digital products, like podcasts and newsletters, and events. It also sells subscriptions to professionals for its research and analytics platform.
- The company was bootstrapped for its first five years. It raised its first venture round in May 2023 — $12 million at $135 million valuation.
By the numbers: Yanowitz said the company plans to end the year with around 85 employees, up from around 65 today.