Seven West Media has bought a 10.8 per cent stake in pet sitting online community Mad Paws, which has an audience of 300,000 active pet owners.
The deal includes a strategic investment of $5.25 million to be split between $1.25 million in cash and the equivalent of $4 million in advertising across Seven’s television, publishing and digital media.
Jeff Howard, CFO and CEO of Seven West Media, said that the high-quality digital ecosystem is in a strong position to consolidate and grow its brand.
“We know brand awareness is critical for driving trust and demand for a digital marketplace business. We look forward to working with the Mad Paws team to help them become a household name across Australia,” Howard said.
“With over six million households now having at least one pet, Seven’s reach presents the perfect platform for taking Mad Paws’ growth to the next level,” said Justus Hammer, co-founder and CEO of Mad Paws. “With Seven, we will be able to reach a large national audience and position Mad Paws as the leading pet ecosystem in Australia”.
The news comes just a few days after the release of Seven West Media’s H1 2024 financial results. The results revealed a profit before tax of $79 million, nearly half last year’s profit of $156 million. The broadcaster’s share price dropped by 11 per cent following the news.
