What Email Newsletters Are Really Worth: How Buyers Should Underwrite Subscriber Lists, Churn, and Monetization Before They Bid
If you have spent any time on the digital acquisition marketplaces in the past year, you have noticed something: newsletter deals are everywhere. Substack newsletters, beehiiv publications, ConvertKit-powered email communities — they are all trading hands, and sellers are asking for multiples that, on the surface, look a lot like SaaS businesses. Three times revenue. […]
Revenue Multiple by Asset Class: Why the Same 3x Means Something Very Different on a Newsletter, SaaS, or Content Site
When a broker lists a digital asset at 3x annual SDE, most buyers read that number and move on. They should not. The multiple is not the deal — the asset class behind the multiple is the deal. I have reviewed hundreds of listings across newsletters, SaaS products, and content sites, and the thing that […]