According to the company, Maven is a media coalition of professional content destinations (“mavens”), operating exclusively on a shared digital publishing, advertising and distribution platform, providing a major media scale alternative to news and information distributed on social platforms.
Based in Seattle, Maven is publicly traded under the ticker symbol MVEN. The common shares are currently not listed on an exchange, but trade over the counter through alternative trading systems such as OTC Markets.
Investment Thesis
- MVEN is currently a special situation.
- The company has been made number of high-profile deals recently, most notably by acquiring The Street and long-term license agreement to operate Sports Illustrated.
- The company plans to list its common equity on a stock exchange. The uplifting would expand the universe of potential investors and offer higher liquidity. An uplisting is might be announced as soon as by the end of 2020.
- Platform operating leverage enables growth with low marginal cost
Business Model
Maven is Cloud Services Platform for independent media owners and expert journalists. The business model utilized two-sided market economics by connecting premium publishers with advertisers in an efficient and low-friction way.
The flagship publishers on the Maven platform are The Street and Sports Illustrated.
MVEN Valuation
Although the COVID crisis has put a significant dent in the execution of the Maven growth plan, this slide from the November 2019 Investor Presentation is indicative of how the company will look when it emerges out of its current dark state.
MVEN Research Resources
- B. Riley Financial, Inc. and 180 Degree Capital Corp. Commence Process to Seek Significant Changes to Maven’s Board of Directors. Press Release filed on November 30, 2020.
- 180 Degree Capital Corp. Invests Additional Capital in TheMaven, Inc. Publisehd on the 180 Degrees Capital website in September 2020.
- Investor Presentation filed by Maven with the SEC in November 2019.
- For the Forensic Investor. Published by Tim McPartland on the Innovative Income Investor in October 2019. This article covers the investment made by B. Riley in Maven. John Fichthorn manages the fund within B. Riley that made the investment in Maven.
- TheStreet Agrees to Approximately $34 Million Takeover Deal. Published on TheStreet in June 2019.
- Long-Term Stock Investment in the Maven Publishing Network. Published by Glenn Stok at the ToughNickel in October 2018.
- Substantial Doubt About Maven. Published in August 2017 on Seeking Alpha (paywall).
The Case Against Maven
- Sports Illustrated’s new owners say they’re saving the magazine. Staffers say it’s in chaos. Published in the Washington Post in December 2019.
- Inside TheMaven’s Plan To Turn Sports Illustrated Into A Rickety Content Mill. Published on Deadspin in October 2019.
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