Lazarus Agency to raise C$5m to acquire Parleh Media Group
Canada-focused media brand the subject of acquisition interest as Lazarus pens letter of intent to snap up multi-platform group
Lazarus Agency has signed a letter of intent to acquire Parleh Media Group and is set to launch a C$5m funding round to facilitate the deal.
Parleh Media Group, which includes brands such as Gaming News Canada, The Parleh, and Homestand Sports, was launched in 2021 with a focus on the Canadian market.
The media firm was co-founded by Mark Silver and Gavin Roth, with the former leading the business as CEO.
The company went on to acquire Homestead Sports and counts BET99, BetMGM, and FanDuel among its partners.
The business also saw industry entrepreneurs Chris Grove and Benjie Cherniak join as investors in 2021.
Via the transaction, Lazarus will acquire Parleh Media Group and its assorted IP, as well as its proprietary media storage and content management system, Sanity.
As Lazarus aims to make progress with the C$5m raise, the company said that all current content development and media partnerships will continue to operate as normal.
However, once the newly combined company is established, there will be a reorganization of the leadership model, management, and advisory team.
“All current employees, talent, and management of Parleh will enter into new agreements ahead of closing, as Lazarus is committed to preserving the unique culture and innovative spirit that have been fostered at Parleh,” Lazarus said.
The company noted that the combined business will have “unparalleled opportunities for content creation, licensing, and distribution while diversifying revenue streams and partnership opportunities.”
Parleh Media Group founder Silver said it was the “perfect timing” for the transaction as he talked up the potential of the combined business.
He said: “As we quickly approach the upcoming NFL, NHL, and NBA seasons, and with the MLB playoffs right around the corner, today’s announcement puts us in the driver’s seat to attack new opportunities with our new and existing partners and create more value through our offerings.
“Our shared vision and complementary strengths make us a formidable force delivering exceptional and engaging content to our audiences.”
Charlie Watson, Lazarus Agency CEO, added: “This acquisition aligns perfectly with our strategic vision to broaden our content offerings and reach a wider audience.
“While Parleh boasts significant partnerships with the likes of Sports Interaction, BetMGM, FanDuel, BET99, and NorthStar Bets, to name a few, their strong market presence in Canada and innovative approach will undoubtedly enhance our capabilities to drive significant revenue and build audiences across our new platform.”