Recurrent Ventures Named the New Parent Company of Popular Science, The Drive, Domino, Field & Stream, and Other Brands
North Equity LLC announced that it has launched Recurrent Ventures as a new operating business for its digital media portfolio. Recurrent is now the parent company to well-known brands such as Popular Science, The Drive, Domino, Field & Stream, SAVEUR, Outdoor Life, Task & Purpose.
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Founded in late 2018 to purchase The Drive, North Equity has since acquired 15 brands. Recurrent will continue to be backed by the venture equity firm as it scales the digital media portfolio, fosters editorial talent, and helps its brands expand and diversify.
“We’ve been growing at a rapid pace since inception. We’re now at the point where we can unveil the digital media business and tell our story,” North Equity Managing Partner, Andrew Perlman says. “While North will continue to be focused on digital media–related investments and M&A, this change will also allow us to expand and diversify our investment portfolio.”
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Lance Johnson, who was previously the Operating Partner of North Equity and General Manager of Popular Science, Field & Stream, and Outdoor Life, has been named Recurrent’s CEO. Lance brings a wealth of digital media and executive experience from Naspers, Nokia, and Yahoo. Matt Young, a revenue and operations veteran who previously held executive roles at Motorsport Network, Yahoo, and Verizon Media, joins Recurrent as CRO. “We pride ourselves on hiring great people and being as transparent with them as possible, and are excited to welcome Matt to the team,” Johnson says.
Recurrent’s business strategy will continue to include best practices from the venture capital, media, sustainability, and technology sectors while expanding on the core values that North set to differentiate itself in a crowded media landscape.”Having all of our brands under the umbrella of one digital-focused company better positions them for alignment, collaboration, and strategic growth,” Johnson says. “This transition allows us to create a new type of digital media company, giving editorial teams the freedom to create and the capital, support, and innovative technology they need to grow. However, Recurrent is not just another media company: We’re intent on being a creator-friendly company, committing to sustainability coverage and eco-friendly business decisions, and providing an equity structure that makes everyone an owner.”