Joe.ie goes Bang!!

ChikiChiki

ANXIOUS wrote: »

The plot thickens, the SBP are reporting that a few months ago RTE offered €10m+ for 49% of the company. Crazy situation!

A few months ago, like when they were crying the poor mouth and actively haranguing the state for a bailout.

****ing hell. No shame whatsoever. They valued Joe at over €20 million lol.

More fool Niall McGarry.

silver2020

ANXIOUS wrote: »

The plot thickens, the SBP are reporting that a few months ago RTE offered €10m+ for 49% of the company. Crazy situation!

This is how fake news travels and how reading a half a headline rather than the full article and then checking the facts means you get the story completely wrong.

It was not a "few months ago" It was in mid 2018 when there was a lot of noise about joe.ie and joe.co.uk

An "indicative" offer was made for 49% of the company, but this would have been subject to due diligence which possibly would have changed minds.

Profits for 2016/2017 were almost €800,000 and profits were growing at a strong pace. Profits for year 2017/18 were set to be €1.4m and turnover €8.1m.

It looked like they had found the formula for making money from online news and entertainment content

A fundraising round saw €1.4m raised from investors which gave a value of €18m, so the RTE offer back in 2018 was not far off the mark ad RTE were not the only ones looking at it.

But Maximum media thought they were valued far higher than this and RTE walked away.

Nermal

silver2020 wrote: »

It was in mid 2018 when there was a lot of noise about joe.ie and joe.co.uk

Oh, 2018. The perfect time to be paying millions for a clickbait site, when your real business is declining, but you've just mugged the taxpayer.

"Commercial revenue declined by 1% as Brexit uncertainty continued to curtail advertising spend and also changes in media consumption habits continued to have an impact on the Irish advertising market. Licence fee income increased by €3 million (+1.6%) due to the €1.6 million increase in public funding announced in Budget 2018"

https://www.rte.ie/annualreport/pdfs/23_financial_review.pdf

Annasopra

MoonUnit75 wrote: »

I had a scan of the news pages and it looked like, from initial impressions, that Sinn Fein had either positive or neutral coverage on Joe.ie, other parties tended to be mostly negative or neutral. Sinn Fein were always a Marxist party, so first impressions are they are sympathetic to Marxism.

Ye what? Sinn fein were always a marxist party? This is just utter drivel.
Sinn Fein split in the 1970s and the marxists left back then. They became Official Sinn Fein, then Sinn Fein the workers party then The Workers Party. Sinn Fein do have some left wing policies but it it is untrue and utter drivel, nonsense and fantasy to claim they are marxists and have always been marxists

Annasopra

paw patrol wrote: »

When somebody says left wing marxist drivel to describe a publication , I know exactly what they mean even if the terminology isn't accurate to the true origins.
It's almost like language can and does evolve. But you knew that already.

Nah. Marxism has a real meaning. It doesnt mean what a load of people here think it does.

silver2020

Nermal wrote: »

Oh, 2018. The perfect time to be paying millions for a clickbait site, when your real business is declining, but you've just mugged the taxpayer.

"Commercial revenue declined by 1% as Brexit uncertainty continued to curtail advertising spend and also changes in media consumption habits continued to have an impact on the Irish advertising market. Licence fee income increased by €3 million (+1.6%) due to the €1.6 million increase in public funding announced in Budget 2018"

https://www.rte.ie/annualreport/pdfs/23_financial_review.pdf

You will find that the value is not always in the site or the users. It's in the technology or content or even the people a company has.

As shown, it looked like maximum media had found a way of getting strong profits from online content and profits were growing. If the figures were accurate, it would have been a sensible and good value buy for RTE at about 15 x 2018 ebita.

Look at what comcast paid for SKY TV $39 BILLION. (over 30 times ebita)The amount of that $39bn that was attributed to SKY TV subscriptions was about 40% of that. The vast bulk was the technology that allows it target advertising to users, thus you can be watching that same programme as me, but you will see different adverts.

Yellow_Fern

Joeytheparrot wrote: »

Nah. Marxism has a real meaning. It doesnt mean what a load of people here think it does.

You could argue they are social democrats, but communists will tell you that the existence of communism in 20th century Europe is to thank for the strength of social democracy. As far as I can see in Europe, social democracy is mainly the slow road to socialism. When a problem arises, there is a plea for a bigger and bigger state to solve the problem it so social democracy has a convergence towards socialism but prevents it from occurring is they keep getting voted out. Not all social democrats make the mistake of being so anti-market, but I dont see many pro-market voices in Sinn Fein like Blair, Brandt or Clinton. So I give the claim that SF is not Marxist just 2 about of 5.

Obvious Desperate Breakfasts

silver2020 wrote: »

This is how fake news travels and how reading a half a headline rather than the full article and then checking the facts means you get the story completely wrong.

It was not a "few months ago" It was in mid 2018 when there was a lot of noise about joe.ie and joe.co.uk

An "indicative" offer was made for 49% of the company, but this would have been subject to due diligence which possibly would have changed minds.

Profits for 2016/2017 were almost €800,000 and profits were growing at a strong pace. Profits for year 2017/18 were set to be €1.4m and turnover €8.1m.

It looked like they had found the formula for making money from online news and entertainment content

A fundraising round saw €1.4m raised from investors which gave a value of €18m, so the RTE offer back in 2018 was not far off the mark ad RTE were not the only ones looking at it.

But Maximum media thought they were valued far higher than this and RTE walked away.

Sorry, it doesn’t matter when it was. Do people who pay their TV licences know that RTÉ is bidding on private businesses?

Jim Root

Joeytheparrot wrote: »

Nah. Marxism has a real meaning. It doesnt mean what a load of people here think it does.

What does it mean?

dmn22

Joe back in 2010 with the Hardy Bucks boys.

Definitely changed a lot since then.

https://www.youtube.com/watch?v=M-lHHrIfMDY

Muscles Schultz

dmn22 wrote: »

Joe back in 2010 with the Hardy Bucks boys.

Definitely changed a lot since then.

https://www.youtube.com/watch?v=M-lHHrIfMDY

Jaysus that’s a very odd thing

billybonkers

Court hears 14 ‘credible’ expressions of interest in Joe.ie company

https://www.irishtimes.com/business/media-and-marketing/court-hears-14-credible-expressions-of-interest-in-joe-ie-company-1.4264001

So McGarry will be the lead examiner and 14 parties have expressed interest in the company. Looks like they may get out of this yet

blackwhite

billybonkers wrote: »

Court hears 14 ‘credible’ expressions of interest in Joe.ie company

https://www.irishtimes.com/business/media-and-marketing/court-hears-14-credible-expressions-of-interest-in-joe-ie-company-1.4264001

So McGarry will be the lead examiner and 14 parties have expressed interest in the company. Looks like they may get out of this yet

McGarry isn't the examiner. The examiner is someone independent of the original management and owners

Mr Justice Michael Quinn earlier this month appointed Shane McCarthy of KPMG as interim examiner to Maximum Media Network (MMN)

On Wednesday, after hearing submissions on behalf of BPC Lending, the landlord of its premises, the interim examiner, the company itself and Revenue, the judge said he was satisfied to appoint Mr McCarthy as examiner to prepare a scheme of arrangement for the firm.

splinter65

Jim Root wrote: »

What does it mean?

It means that the individual doesn’t have any personal responsibility and the state is responsible for everything.
That’s why it always works out great for everyone and no one ever ever dies because of it.

silver2020

Obvious Desperate Breakfasts wrote: »

Sorry, it doesn’t matter when it was. Do people who pay their TV licences know that RTÉ is bidding on private businesses?

So RTE must ask for permission from TV licence holders to widen their business??

Seriously??

I think if they got Maximum media at a good price it would be an excellent fit for them and combined with their content and strong reputation in the advertising world, they'd have it back in strong profit very quickly.

I sincerely hope they don't have to ask your permission to grow their business

Brock Turnpike

silver2020 wrote: »

So RTE must ask for permission from TV licence holders to widen their business??

Seriously??

I think if they got Maximum media at a good price it would be an excellent fit for them and combined with their content and strong reputation in the advertising world, they'd have it back in strong profit very quickly.

I sincerely hope they don't have to ask your permission to grow their business

That's great. I think you're taking absolute rot though.

Hulk Hands

Arghus wrote: »

Couldn't get past the owner either - just look at him.

Wouldn't surprise me if something shady has gone on with the debt pile. The decision to cheat and use clickfarms should alert you to what you're dealing with here. Heard a few stories of people screwed over and stolen from during the sites rise. Horrible odious individual

Granadino

Dealt with a few of these individuals in the "advertising industry". All style. Trendy glasses, trendy beards, tight jeans, no socks, shoes, "industry leaders", **** talkers. But got ahead.

Obvious Desperate Breakfasts

silver2020 wrote: »

So RTE must ask for permission from TV licence holders to widen their business??

Seriously??

I think if they got Maximum media at a good price it would be an excellent fit for them and combined with their content and strong reputation in the advertising world, they'd have it back in strong profit very quickly.

I sincerely hope they don't have to ask your permission to grow their business

I hope they used some blue sky thinking and touched base with each other before being proactive and going forward with their plan to grow their business.

bossdrum

silver2020 wrote: »

I think if they got Maximum media at a good price it would be an excellent fit for them and combined with their content and strong reputation in the advertising world, they'd have it back in strong profit very quickly.

LOL. Rte can't get themselves in profit even with a licence fee, what evidence do you have that they could get that website run profitably?
Maybe that was part of the plan to try and introduce and justify an Internet tax.

Arghus

splinter65 wrote: »

It means that the individual doesn’t have any personal responsibility and the state is responsible for everything.
That’s why it always works out great for everyone and no one ever ever dies because of it.

You are incorrect.

Good effort though all the same.

CrankyHaus

Old media buying New media outlets at ridiculous overvaluations, in a desperate bid to stay relevant to a youth audience that moves to a different platform shortly afterwards, is a fairly old story at this stage.
So much so that the satirical TV Show Succession featured a thin fictionalisation of Murdoch buying into Vice as a major plot point.

I'm sure the wily visionaries at RTE with their fingers on the pulse of contemporary culture won't get burned the same way though.
With their unrivalled acumen at connecting with the under-30s the folks at Montrose will be able to turn Joe.ie into the Big Bow Wow of the 2020s.

Colonel Claptrap

Not only did they not pay the taxman, but they also skipped rent for a year and owe the landlord 180k.

Interestingly the clickfarm scandal was discovered when an anonymously made video was circulated among media agencies and posted online. Sounds like a disgruntled employee outed them.

Has anyone seen the video?

Core is their largest customer but refused to pay any more money as long as McGarry was still in place. Ouch.

Muscles Schultz

Simple fellow. I don’t think he understands the term ‘too big to fail’

https://m.independent.ie/business/technology/were-too-big-to-fail-and-i-hope-to-be-around-for-a-while-yet-maximum-media-boss-39280420.html

ChikiChiki

Muscles Schultz wrote: »

Simple fellow. I don’t think he understands the term ‘too big to fail’

https://m.independent.ie/business/technology/were-too-big-to-fail-and-i-hope-to-be-around-for-a-while-yet-maximum-media-boss-39280420.html

Some statement. Surely he has jinxed himself. Snake oil salesman comes to mind.

suicide_circus

delusions of grandeur to say the least