In May 2022, media company Recurrent Ventures announced that it had raised $300 million from private equity firm Blackstone to finance the expansion of its editorial portfolio. But in the nearly two years since, it has only shed properties, eliminated staff and churned through executive leadership.
The equity investment aimed to supercharge Recurrent Ventures’ commercial model, which relies on acquiring distressed publishers and modernizing their affiliate revenue operations. Instead, it has derailed the strategy, according to interviews with more than one-dozen former staff, executives and people familiar with the matter.
“On the editorial side, we were initially excited about the investment,” said one former staffer.
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