Hamburg, 20 March 2024. After more than 15 years with the company, CFO and COO Henning Rönneberg is leaving ParshipMeet Group as of 8 April at his own request and on the best of mutual terms in order to devote himself to new matters. 

Since 2008, Rönneberg has played a key role in growing ParshipMeet Group from a one-brand company (formerly Parship) to one of the three leading international Online Dating providers operating eight brands worldwide. During this time, he has been instrumental in driving the acquisitions of ElitePartner, eharmony, and The Meet Group as well as the subsequent integrations and thus the company’s successful buy-and-build strategy. In addition, he has recently made the company’s internal processes and structures fit for the capital market. David Lorbacher, Deputy CFO and SVP Group Finance, will take over his CFO duties on an interim basis. 

Bert Habets, Chairman of the Executive Board (Group CEO) of ProSiebenSat.1 Media SE and Chairman of the Advisory Board of ParshipMeet Group: “Together with the management team, Henning Rönneberg has made key contributions to the positive development and sustainable growth of our Dating and Video segment over 15 years. I would like to thank Henning on behalf of ProSiebenSat.1 and continue to wish him all the best for his future. At the same time, I look forward to continuing to work with Marc Schachtel, CEO ParshipMeet Group, and his team.” 

Marc Schachtel, CEO ParshipMeet Group: “I regret that Henning is leaving us, but I respect his decision to, after 15 successful years, set other priorities going forward. Working together with Henning for almost 13 years and the great level of trust that shaped our cooperation has been a huge benefit for me personally. I will always remember his contribution to the success of our company as well as his professional advice and his understanding of leadership based on partnership. I would like to thank Henning most sincerely for this on behalf of all our employees.” 

Henning Rönneberg, CFO and COO ParshipMeet Group: “More than 15 years ago, I started a fantastic journey at ParshipMeet Group. I am proud to have contributed to the company’s success story over many years as part of an outstanding team. ParshipMeet Group is in good hands with its leadership team, so this is a good time for me to move on. I would like to thank ProSiebenSat.1 and General Atlantic for the many years of successful cooperation and wish Marc Schachtel and the entire ParshipMeet Group team nothing but the best.” 

Henning Rönneberg joined Parship in 2008 as CFO after holding positions at, among others, Bertelsmann, Axel Springer, and Infineon, and took on additional roles as a member of the Management Board and COO in 2012. Since 2020, he has been CFO of the newly formed ParshipMeet Group, where he was additionally named COO last year. During his 15 years with the company, revenues increased from EUR 54 million to EUR 434 million (2023 financial year) while the number of employees grew from 169 to 535. Rönneberg also played a key role in various successful exits and shareholder changes, from Holtzbrinck Publishing (until 2015) to Oakley Capital (2015 to 2018) to ProSiebenSat.1 and General Atlantic (2016 to date). 

Media contact: 

Christian Steinhof
Vice President Corporate Communications
E-Mail: christian.steinhof@parshipmeet.com
Fon: +49.40.460026242

About ParshipMeet Group: 

ParshipMeet Group is one of the leading international providers in Dating and Video. The company’s Dating segment consists of internationally successful, well-known, and established brands that complement each other geographically and in terms of their target groups. In addition to the English-language platform eharmony (USA, Canada, UK, Australia), these include the two matchmaking brands Parship (Europe) and ElitePartner (DACH region) as well as the dating app LOVOO (Europe). The Video segment includes the globally available social entertainment platforms MeetMe, Skout, Tagged, and GROWLr. In 2023, ParshipMeet Group had 535 employees and recorded revenues of EUR 434 million, more than half of which was generated in the U.S. The company, headquartered in Hamburg (Germany), is part of ProSiebenSat.1 Group, which holds a 52 percent stake in ParshipMeet Group.  

Hamburg, 23 March 2023. ParshipMeet Group, one of the leading international providers in Dating and Video, is reorganizing its businesses focusing on a more integrated approach. The new structure is designed to set the company up for future growth, based on an effective and efficient operating model. 

The reorganization is reflected in a new leadership structure. Marc Schachtel (so far: co-CEO) has been appointed CEO and Henning Rönneberg (so far: CFO) CFO and COO of ParshipMeet Group. The two Board members have been in managing position within the company for a combined 26 years. Former co-CEO and The Meet Group co-founder Geoff Cook leaves the company on the best of mutual terms to pursue new entrepreneurial endeavors outside the Group. 

Bert Habets, Chairman of the Executive Board (Group CEO) of ProSiebenSat.1 Media SE and responsible Board member for ProSiebenSat.1’s Dating & Video segment: “I’d like to thank Geoff for his great contribution to the success of our Dating and Video activities. As the co-founder of The Meet Group, Geoff has been the driving force behind an outstanding entrepreneurial success story, and I wish him all the best for his future. By fully integrating ParshipMeet Group’s brands and services combined with the new leadership structure, I am confident that the company will tackle the growing online dating market with even more vigor and cohesion. I look forward to continuing our trustful work with Marc, Henning, and their teams.” 

Under the new structure, ParshipMeet Group’s brands are to complement each other even better with regards to product, target audiences, user intentions, and territories. Both the Group’s dating apps and Livebox, the company’s livestreaming solution for the Creator Economy, are to contribute to ParshipMeet Group’s future growth. In alignment with the new leadership structure, ParshipMeet Group will also streamline its organizational set-up, leveraging former redundancies and implementing efficiencies, including personnel costs. These adjustments will mostly affect the U.S. operations of the Video segment. 

Marc Schachtel, CEO of ParshipMeet Group: “Together with our shareholders ProSiebenSat.1 and General Atlantic, we have taken the necessary time to carefully review our organizational set-up. The new structure enables us to bring our assets closer together. While we expect these efforts to result in tangible synergies, they are clearly aimed at supporting our growth ambitions. Historically, our success has been built on executing on M&A, integration, and brand positioning. We most recently delivered on that in turning eharmony into the biggest brand in our portfolio in terms of revenue. By continuing to focus on first-class online dating and livestreaming experiences, we want to create even more meaningful connections and entertaining moments for our users around the globe. I would like to thank Geoff for our cooperation as a co-CEO team and wish him all the best.” 

As COO Video, Jim Bugden will continue to operationally oversee ParshipMeet Group’s Video activities. Jim Bugden has been with the company for twelve years, most recently helping expand Livebox’s third-party customer portfolio. The Livebox solution allows streamers to quickly and easily connect with their audiences and monetize their livestreams. 

Geoff Cook: “I’ve spent the last 18 years building some of the most successful dating apps and the livestreaming engine behind some of the top-grossing social apps in the U.S. All our success I owe to the team’s tremendous efforts, and I will always be proud of what we have achieved together. Early on, I saw the logic in dating industry consolidation, leading us to grow a portfolio of apps including MeetMe, the app I co-founded, Skout, Tagged, LOVOO, and GROWLr. With the merger between Parship Group and The Meet Group over the past 2.5 years, we created a dating and video leader. While the future of ParshipMeet Group is bright, now for me is the best time to start my next entrepreneurial chapter. I have great respect for Bert, Marc, and Henning, and wish everyone at ParshipMeet Group the best of success.” 

Geoff Cook founded what was then myYearbook in 2005 and as CEO managed to successfully transform the company’s business model to the era of mobile apps. Following the acquisitions of the Skout, Tagged, and LOVOO brands, he formed The Meet Group (TMG), soon focusing the business on the integrated livestreaming solution Livebox (then: vPaaS – video-Platform-as-a-Service). After TMG was acquired by Parship Group to form ParshipMeet Group, Geoff first served as General Manager Video, and, since July 2021, as co-CEO for the newly merged company. 

Media contact: 

Christian Steinhof 
Vice President Corporate Communications 
e-mail: christian.steinhof@parshipmeet.com 
phone: +49.40.460026242 

About ParshipMeet Group: 

ParshipMeet Group is one of the leading international providers in Dating and Video. The company’s Dating segment consists of internationally successful, well-known and established brands that complement each other geographically and in terms of their target groups. In addition to the English-language platform eharmony (USA, Canada, UK, Australia), these include the two matchmaking brands Parship (Europe) and ElitePartner (DACH region) as well as the dating app LOVOO (Europe). The Video segment, in addition to the globally available social entertainment platforms MeetMe, Skout, Tagged, and GROWLr, includes the integrated livestreaming solution Livebox. As a toolbox for the creator economy, Livebox gives streamers around the world the opportunity to monetize their activities in the best possible way. The Livebox platforms benefit from a wide range of services, from technology to talent management to the moderation of livestreams. In 2021, ParshipMeet Group had 654 employees and recorded revenues of EUR 542 million, a quarter of which was generated in Germany and more than half in the U.S. The company, headquartered in Hamburg (Germany), is part of ProSiebenSat.1 Group, which holds a 52 percent stake in ParshipMeet Group. 

Hamburg/New York City, 20 December 2022. ParshipMeet Group, one of the leading international providers in Dating and Video, is further expanding its third-party business. Livebox (formerly known as vPaaS), the company’s integrated livestreaming solution for the creator economy, is now also in use at the microblogging and social networking website Tumblr. Tumblr users in the U.S. can already use Livebox; the international roll-out is imminent.

Livebox is one of ParshipMeet Group’s fastest growing businesses. The solution allows streamers to quickly and easily connect with their audiences and monetize their livestreams. The platforms on which Livebox is used benefit from a comprehensive range of services, ranging from technology and talent management to moderation of the livestreams.

Geoff Cook, Co-CEO of ParshipMeet Group, comments: “We are excited to add Tumblr to our growing portfolio of Livebox partners. Tumblr is one of our biggest customers straightaway. Our cooperation shows that there is a wide range of use cases for Livebox. Our customer base goes far beyond the dating industry. We couldn’t be happier to partner with Tumblr to help users create great content and storytelling.”

Livebox was launched in 2019 under the name vPaaS to add a livestreaming service to some of ParshipMeet Group’s apps. The product is now used as a B2B solution not only by six brands from the ParshipMeet cosmos, but also by ten platforms from other companies. Through the partnership with Tumblr, the number of creators to reach their fans via Livebox has grown to more than a million. Together they can address almost 40 million users, even across app boundaries. Livebox is used by seven of the top 25 grossing social networking apps in the US[1] and benefits from the growing creator economy market. In 2021, more than 75 percent of consumer spending in these apps was attributed to those with prominent livestreaming features[2].

“We’re curious to see how Tumblr’s overflowing creativity will blossom now that users have access to native live streaming. Our creators are multi-modal and this is a new color in their palette,” said Matt Mullenweg, founder and CEO of Tumblr’s parent company Automattic.

Media contact:

Christian Steinhof
Vice President Corporate Communications
e-mail: christian.steinhof@parshipmeet.com
phone: +49.40.460026242

About ParshipMeet Group:

ParshipMeet Group is one of the leading international providers in Dating and Video. The company’s Dating segment consists of internationally successful, well-known and established brands that complement each other geographically and in terms of their target groups. In addition to the English-language platform eharmony (USA, Canada, UK, Australia), these include the two matchmaking brands Parship (Europe) and ElitePartner (DACH region) as well as the dating app LOVOO (Europe). The Video segment, in addition to the globally available social entertainment platforms MeetMe, Skout, Tagged, and GROWLr, includes the integrated livestreaming solution Livebox. As a toolbox for the creator economy, Livebox gives streamers around the world the opportunity to monetize their activities in the best possible way. The Livebox platforms benefit from a wide range of services, from technology to talent management to the moderation of livestreams. In 2021, ParshipMeet Group had 654 employees and recorded revenues of EUR 542 million, a quarter of which was generated in Germany and more than half in the U.S. The company, headquartered in Hamburg (Germany), is part of ProSiebenSat.1 Group, which holds a 52 percent stake in ParshipMeet Group.

[1] Source: Data.ai: Top Unified Revenue US Social Apps (20 September 2022 to 19 October 2022)

[2] Source: Data.ai: The Evolution of Social Media Apps

Hamburg, 19 July 2021. ParshipMeet Group is reorganizing its management board, appointing Marc Schachtel (37) and Geoff Cook (43) as co-CEOs. The new dual-led team is completed by Henning Rönneberg (52) as Chief Financial Officer. Tim Schiffers (52), the incumbent CEO, is handing over the baton to Marc Schachtel and Geoff Cook after seven years. After successfully completing the merger of Parship Group with The Meet Group, he has now decided to move on to new challenges outside the organization.

The two co-CEOs will now be jointly responsible for the management and strategic direction of ParshipMeet Group as one of the leading global dating groups. Operationally, Marc Schachtel will lead the entire matchmaking business as CEO of Parship Group, managing the Parship, ElitePartner, eharmony and LOVOO brands. Marc Schachtel, previously Chief Operating Officer, joined the company in 2011 and the board in 2014 alongside his co-managing directors Tim Schiffers (CEO) and Henning Rönneberg (CFO). In 2020, Geoff Cook (CEO The Meet Group and General Manager Video ParshipMeet Group) joined the board, too. Over the past ten years, Marc Schachtel has been responsible for the entire product as well as the underlying technology, consistently driving the continuous optimization of user experience and successfully steering the overarching business.

Operationally, as CEO of The Meet Group, Geoff Cook will continue to be responsible for the Social Dating & Entertainment division, managing all brands including MeetMe, Skout, Tagged, GROWLr and the live video streaming solution vPaaS, which powers the video solution of some of the largest dating and social apps in the world. Geoff Cook is co-founder of The Meet Group, which was acquired by Parship Group last year, and developed The Meet Group into a leading provider of innovative and interactive live video apps.

Rainer Beaujean, Chairman of the Executive Board of ProSiebenSat.1 Media SE and Chairman of the Advisory Board of ParshipMeet Group: “Over the last seven years, Tim Schiffers, together with Marc Schachtel and Henning Rönneberg, has developed Parship Group into a leading player in the global online dating market. I would like to express my sincere thanks to Tim for this success and I wish him all the best for his professional and private future. At the same time, I look forward to continuing the very good cooperation with Marc, Geoff and Henning in the future and to further expanding the successful business of ParshipMeet Group in the years to come.”

Jörn Nikolay, Managing Director and Head of General Atlantic’s German business: “I am convinced that with this new management team we have positioned ParshipMeet Group excellently for a possible IPO next year. We would like to thank Tim Schiffers very much for his outstanding performance and wish him all the best.”

Tim Schiffers: “I am proud to have contributed to the success story of ParshipMeet Group for many years with an outstanding team by my side. It has been an exciting and fantastic journey. With the integration of The Meet Group in Europe and the US, the next milestone has now been successfully reached. Now is a good time to play a shaping role in a new environment. With its well-coordinated management team, ParshipMeet Group is in good hands for future growth.”

Tim Schiffers joined ParshipMeet Group as CEO in 2014 and has additionally been responsible for all brand, media and marketing activities. The dating company, which at that time was still focused on the German market, grew from EUR 60 million in revenues in 2014 to an innovative global group with more than EUR 500 million in revenues in 2020 (FY pro-forma). The milestones for this development were, on the one hand, strong organic growth and, on the other hand, the successful acquisitions of ElitePartner (2015), eharmony (2018) and The Meet Group (2020).

About ParshipMeet Group:
ParshipMeet Group is an international market leader in online dating. With its uniquely diverse business approach, the company covers the whole spectrum of the online dating market, ranging from social dating with a strong entertainment component based on live video streaming, to serious matchmaking. ParshipMeet Group’s brand portfolio consists of internationally successful and established brands with complementary strengths. Social dating and entertainment apps MeetMe, Skout, Tagged, and GROWLr focus on social connections, entertainment, and community. Matchmaking services such as eharmony or European-based Parship use scientific methods to help people find their partner for a compatible, happy long-term relationship. Headquartered in Hamburg, Germany, the company currently employs a workforce of more than 1,100 in eight offices worldwide. www.parshipmeet.com 


Press contact:

Christian Steinhof
Vice President PR & Corporate Communications
e-mail: christian.steinhof@parshipmeet.com
phone: +49.40.460026242

Unterfoehring/Hamburg, September 4, 2020. ProSiebenSat.1’s and General Atlantic’s Parship Group has successfully completed the acquisition of The Meet Group, following regulatory approval from all required authorities. The combined company operates as ParshipMeet Group, a newly-minted unicorn and a leading global player in the online dating market. The Group offers a full suite of services, from social dating and entertainment to online matchmaking.

ParshipMeet Group as new online dating segment of ProSiebenSat.1
Parship Group has been carved out of NuCom Group and as of today ParshipMeet Group represents ProSiebenSat.1’s new online dating segment with combined pro-forma LTM revenues of c. EUR 451 million and pro-forma LTM adjusted EBITDA of c. EUR 95 million as of H1 2020.2 ParshipMeet Group’s management team is continued to be led by industry experts with proven operational expertise, including Tim Schiffers (Group CEO), Henning Rönneberg (Group CFO), Marc Schachtel (Group COO), and Geoff Cook (CEO of The Meet Group and General Manager Video). By carving out Parship Group from NuCom Group, ProSiebenSat.1 forms a strong fourth pillar in a highly profitable and fast-growing segment. Thus, ProSiebenSat.1 creates various upside opportunities and synergies within the Group and secures a stronger presence in Europe and North America. Economically, ProSiebenSat.1 owns 53% (plus EUR 350 million preferred equity) and General Atlantic 43% in ParshipMeet Group. The remainder is held by management. Shareholdings in NuCom Group remain unchanged. ProSiebenSat.1 and General Atlantic are evaluating an IPO for ParshipMeet Group in 2022.

Rainer Beaujean, Chairman of the Executive Board and CFO, ProSiebenSat.1 Media SE: “By combining these two successful and complementary businesses, we create a leading global player in the online dating segment with ParshipMeet Group. This investment case is also another strong proof of concept of our ability to use the strengths of our Entertainment business to support the growth and development of consumer-facing digital platform and commerce businesses, thereby creating value for our shareholders.”

Creating considerable shareholder value: NuCom and Parship Group successfully developed an internationally competitive player in the online matchmaking and dating sector
As a joint company of ProSiebenSat.1 and General Atlantic, NuCom Group has established its first category leader with ParshipMeet Group. After growing the business organically with a strong brand and product strategy, NuCom and Parship Group started expanding within the online dating market. The successful acquisition and subsequent integration of US matchmaking pioneer eharmony demonstrated its ability to create value through M&A and provided a solid entry in the attractive US market. With the acquisition of The Meet Group, the geographic footprint is further solidified and value generating competencies in online video monetization were added. After carving out Parship Group, NuCom Group focuses on the continued successful development of its three verticals of consumer advice, experiences and beauty & lifestyle.

Joern Nikolay, Managing Director, General Atlantic: “Today’s announcement marks an exciting new chapter for ParshipMeet Group. By bringing together these two companies and generating considerable shareholder value, NuCom Group has built its first category leader. We believe in the ability of ParshipMeet Group, as a newly combined company, to bring transformative digital innovation to the global online dating sector. ParshipMeet Group has a unique opportunity to harness the power of technological enablement to augment its differentiated platform and to continue connecting people around the globe.”

ParshipMeet Group operates a resilient business model in a highly attractive market segment, with expected double-digit annual revenue growth rates as the broader dating sector continues to boom
Operating a highly resilient business model, ParshipMeet Group has a broad geographical footprint, underpinned by a diverse set of revenue streams, including subscriptions, in-app purchases and advertising. With its unique live video expertise, the Group will continue its growth trajectory by focusing on the acceleration of its live video and online dating capabilities in its existing markets. Despite a challenging macroeconomic situation, both Parship Group and The Meet Group managed their businesses throughout the COVID-19 pandemic effectively, swiftly reacting to the crisis and adapting to the continuously changing environment. The combined group was able to further expand its user base and generated pro-forma revenues of EUR 246 million and pro forma adjusted EBITDA of EUR 52 million, representing a c. 28% year-on-year pro-forma revenue growth and c. 71% year-on-year pro-forma adjusted EBITDA growth in the first half of 2020.3 ParshipMeet Group’s business model has proven to be adaptable during the COVID-19 crisis, with online dating and live video markets expected to grow by double digit rates in the next two years. The universal need for human connection, especially in times of change or crisis, renders the group’s business models and offerings timeless. In addition to its online consumer services, ParshipMeet Group offers its vPaaS (video-Platform-as-a-Service) solution to enable other companies to implement live video streaming features into their offerings.

Tim Schiffers, CEO, ParshipMeet Group: “Online dating, and interactive live video in particular, is a global megatrend that will continue to transform all of our lives in the future. With the number of singles growing – amongst whom there are more and more digital natives – online dating is becoming an increasingly accepted channel to find a partner. By combining The Meet Group’s and Parship Group’s assets, our brands span the whole spectrum of the online dating market: meeting, dating and falling in love. With our diversified revenue streams and new live video streaming opportunities, we are perfectly positioned for sustained long-term growth.”

Geoff Cook, CEO of The Meet Group and General Manager Video of ParshipMeet Group: “We are thrilled to combine with a globally leading matchmaking company. We believe this deal will help define the future of dating. We will continue to focus on the same three pillars which have contributed to our success: building the best dating features in the world for our engaged community, investing in livestreaming content and innovation, and discovering sensible opportunities to expand and grow – both organically and through strategic relationships, including our video-platform-as-a-service offering.”

Strong advisory board will support further growth
ParshipMeet Group’s advisory board is formed by Rainer Beaujean (Chairman of the Executive Board & CFO, ProSiebenSat.1 Media SE), Wolfgang Link (member of the Executive Board, ProSiebenSat.1 Media SE & CEO SevenOne Entertainment Group), Friedrich Thoma (EVP Group Strategy & Corporate Development, ProSiebenSat.1 Media SE), Claas van Delden (Co-CEO, NuCom Group), Joern Nikolay (Managing Director, General Atlantic), and Vittorio Colao (Vice Chairman Europe, General Atlantic).

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ProSiebenSat.1 Media SE
ProSiebenSat.1 combines leading entertainment brands with a successful production business and a strong commerce and online dating portfolio and is thus one of the most diversified media companies in Europe. We want to offer great entertainment – whenever, wherever and on any device. We can address over 45 million TV households in Germany, Austria and Switzerland with our 15 free and pay TV channels. At the same time, we reach around 36 million unique users every month with online offerings marketed by ProSiebenSat.1. Successful formats like “The Masked Singer”, “Germany’s next Topmodel”, and “Beat the Channel” as well as top-notch stars like Heidi Klum, or Dwayne Johnson belong to our family. Shows like “Bosch”, “Married at First Sight”, or “Queen of Drags” are created within our production and distribution business Red Arrow Studios. Our global digital studio Studio71 achieves over 9.9 billion monthly video views and operates more than 1,400 web channels. At the same time, we use our expertise in brand building for our commerce and online dating pillars: NuCom Group is a fast-growing e-commerce player with leading portfolio companies in the areas of consumer advice, experiences and beauty & lifestyle. With ParshipMeet Group, we have created a leading global platform in the online dating segment and have underlined our position as a strong growth partner for digital companies. ProSiebenSat.1 are around 7,000 passionate creators that love to entertain and delight our viewers and consumers each day. www.prosiebensat1.com

General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 150 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com

ParshipMeet Group
ParshipMeet Group is an international market leader in online dating. With its uniquely diverse business approach, the company covers the whole spectrum of the online dating market, ranging from social dating with a strong entertainment component based on live video streaming, to serious matchmaking. ParshipMeet Group’s brand portfolio consists of internationally successful and established brands with complementary strengths. Social dating and entertainment apps MeetMe, Skout, Tagged, GROWLr, and LOVOO focus on social connections, entertainment, and community. Matchmaking services such as eharmony or European-based Parship use scientific methods to help people find their partner for a compatible, happy long-term relationship. Headquartered in Hamburg, Germany, the company currently employs a workforce of more than 1,100 in eight offices worldwide. www.parshipmeet.com 

Contact

ProSiebenSat.1 Media SE
Stefanie Rupp-Menedetter
Phone: +49 89 9507-2598
E-mail: Stefanie.Rupp@prosiebensat1.com

Parship Group
Jana Bogatz
Phone: +49 40 460026-222
E-mail: jana.bogatz@parshipgroup.com

General Atlantic
Mary Armstrong & Emily Japlon
E-mail: media@generalatlantic.com 

The Meet Group
Brandyn Bissinger
E-mail: bbissinger@themeetgroup.com
Leslie Arena
E-mail: larena@themeetgroup.com

NEW HOPE, Pa.–(BUSINESS WIRE)– The Meet Group, Inc. (NASDAQ: MEET), a leading portfolio of mobile dating apps, today announced that it has entered into a definitive agreement to be acquired by ProSiebenSat.1`s and General Atlantic’s joint company NuCom Groupin an all cash transaction for $6.30 per fully diluted share representing an enterprise value of approximately $500 million. Together with NuCom Group’s portfolio company Parship Group, a matchmaking platform with its brands Parship, Elite Partner and eharmony, The Meet Group will become an integral part of a global leader in the online dating and social entertainment sector.

After careful and thorough review, and following consultation with The Meet Group’s financial and legal advisors, the transaction was unanimously approved by The Meet Group’s board of directors. The purchase price represents a 30% and 43% premium to the unaffected 30 and 60 trading day volume weighted average price, respectively, to The Meet Group’s common stock through December 13, 2019, the last trading day prior to published market speculation regarding a potential transaction involving the company.

“The Meet Group Board of Directors undertook a robust process, which culminated in a transaction that we believe will deliver certain and immediate value to our shareholders,” said Spencer Rhodes, Chairman of The Meet Group Board of Directors. “We are excited about this transaction and the significant benefits resulting from a combination with Parship Group,” said Geoff Cook, Chief Executive Officer of The Meet Group. “This transaction will allow us to tap new strategic growth opportunities by leveraging our video platform and ProSiebenSat.1’s experience with content and entertainment. What’s more, with this transaction and the participation of both General Atlantic and ProSiebenSat.1, we will achieve a new level of financial scale and backing, which has the potential to further accelerate our growth.”

The Meet Group’s freemium dating brands, featuring its industry-leading video platform technology, will be combined with NuCom’s portfolio company Parship Group, which operates premium subscription dating brands including eharmony, Parship and Elite Partner. The transaction will diversify the revenue streams of both companies and increase their combined international footprint by broadening the companies’ user base.

Max Conze, CEO, ProSiebenSat.1 Media SE: “The acquisition of The Meet Group is one of ProSiebenSat.1’s largest transactions. It will significantly advance our ambition to create one of the leading global players in online dating and interactive live video. We believe the combination of these two successful and complementary businesses will also create synergies within the ProSiebenSat.1 universe and accelerate the growth of our market share in the German live video apps sector.”

Tim Schiffers, CEO Parship Group: “Following a successful acquisition of eharmony, we have proven that we can manage new businesses and accelerate their growth by combining the best of both worlds. We continue to consolidate our position in the online dating market and extend our business model by adding social entertainment. I am looking forward to working with our new colleagues to solidify our international footprint.”

The transaction, which is expected to close in the 2nd half of 2020, is subject to approval by The Meet Group’s stockholders, along with the satisfaction of customary closing conditions and regulatory approvals, including the expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, antitrust approvals in Germany and Austria as well as approval from the Committee on Foreign Investment in the United States. The Meet Group expects to hold a special meeting of its stockholders to consider and vote on the transaction as soon as feasible after the mailing of the proxy statement to shareholders.

The Meet Group plans to release its fourth quarter fiscal year 2019 results before market open on March 11, 2020. In light of the pending transaction announced today, the company will not hold a corresponding conference call.

Representation

BofA Securities is acting as financial advisor to The Meet Group, and Morgan, Lewis & Bockius LLP is acting as legal counsel.

About The Meet Group

The Meet Group (NASDAQ: MEET) is a leading provider of interactive livestreaming solutions designed to meet the universal need for human connection. Our ecosystem of livestreaming apps enables users around the world to interact through one-to-many livestreaming broadcasts and text-based conversations. Our top apps, MeetMe®, LOVOO®, Skout®, Tagged® and Growlr®, deliver live interactions and meaningful connections to millions of users daily. Headquartered in New Hope, PA, we have offices in Philadelphia, San Francisco, Dresden, and Berlin. The Meet Group is committed to safety. You can find a description of current safety practices here: https://www.themeetgroup.com/safety-practices/. For more information, visit themeetgroup.com, and follow us on Facebook, Twitter or LinkedIn.

About ProSiebenSat.1 Media SE

ProSiebenSat.1 combines leading entertainment brands with a successful production business and a strongly growing commerce portfolio and is thus one of the most diversified media companies in Europe. We want to offer great entertainment – whenever, wherever and on any device. We can address over 45 million TV households in Germany, Austria and Switzerland with our 15 free and pay TV channels. At the same time, we reach around 36 million unique users every month with online offerings marketed by ProSiebenSat.1. Successful formats like “The Masked Singer”, “Germany’s Next Topmodel”, and “Beat the Channel” as well as top-notch stars like Heidi Klum, or Dwayne Johnson belong to our family. Shows like “Bosch”, “Married at First Sight”, or “Queen of Drags” are created within our production and distribution business Red Arrow Studios. Our global digital studio Studio71 achieves over 9.9 billion monthly video views and operates more than 1,400 web channels. Our NuCom Group is a rapidly growing e-commerce player with leading portfolio companies that offer online price comparison, matchmaking, experiences as well as beauty & lifestyle. ProSiebenSat.1 are more than 7,000 passionate creators that love to entertain and delight our viewers and consumers each day.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 150 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

About NuCom Group

NuCom Group is the growth partner for consumer internet companies. We create global category leaders and accelerate the growth of our portfolio companies by adding marketing power, operational expertise and clear buy-and-build strategies. Thereby we combine the strengths of our shareholders in a “best of both worlds” approach, featuring the reach, know-how and resources from the ProSiebenSat.1 Group and the expertise and firepower of General Atlantic, a leading global growth equity investor. We focus on B2C asset light business models with a clear USP and differentiation. Currently our portfolio is divided in four verticals: consumer advice, matchmaking, experience and gift vouchers and beauty and lifestyle.
https://www.nucom.group/

About Parship Group

The Parship Group is the leading provider of online matchmaking services. The well-known international brands Parship, ElitePartner and eharmony belong to the group. All three services use scientific methods to successfully support singles in finding meaningful relationships that enrich their lives. Both Parship and eharmony are pioneers in using algorithms to create highly compatible relationships. California-based eharmony was founded in 2000 and operates in the United States, Canada, the United Kingdom and Australia. Parship invented scientific matchmaking in Europe in 2001 and today offers its service in the German-speaking world and the Benelux countries. Since 2004, ElitePartner is the premium partner agency for sophisticated singles, operating in the DACH-region. Currently, the Parship Group employs over 300 colleagues in Hamburg / Germany (headquarters), Los Angeles, London and Amsterdam.
https://www.parshipgroup.com/

Caution Regarding Forward Looking Statements:

This document contains forward-looking statements, including statements regarding the proposed acquisition of The Meet Group (the “Company”) by eharmony Holding, Inc. (the “Parent”). From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements often contain words such as “may,” “can,” “could,” “would,” “should,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “believes,” “seeks,” “will,” “is likely to,” “scheduled,” “positioned to,” “continue,” “forecast,” “aim,” “goal,” “target,” “predicting,” “projection,” “potential” or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements may include references to goals, plans, strategies, objectives, projected costs or savings, anticipated future performance, results, events or transactions of the Company and the expected timing of the proposed transaction with Parent and other statements that are not strictly historical in nature. These forward-looking statements are based on management’s current expectations, forecasts and assumptions and could ultimately prove inaccurate. This means the forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: uncertainties as to the timing of the merger; uncertainties as to how many of the Company’s stockholders will vote in favor of the merger; the possibility that competing offers will be made; the ability to receive the required consents and regulatory approvals for the proposed transaction and to satisfy the other conditions to the closing of the transaction on a timely basis or at all, including the required regulatory clearances under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR), the Bundeswettbewerbsbehörde (Austria’s Federal Competition Authority) and Bundeskartellamt (Germany’s Federal Cartel Office) and from the Committee on Foreign Investment in the United States (CFIUS); the failure of Parent to obtain or provide on a timely basis or at all the necessary financing as set forth in the Equity Commitment Letters delivered pursuant to the Merger Agreement; the occurrence of events that may give rise to a right of one or both of the Company and Parent to terminate the merger agreement; the risk that, prior to the completion of the transaction, the Company’s business and its relationships with employees, collaborators, vendors and other business partners could experience significant disruption due to transaction-related uncertainty; the risk that stockholder litigation in connection with the Merger may result in significant costs of defense, indemnification and liability; negative effects of the announcement of the transaction on the market price of Company common stock and/or on the Company’s business, financial condition, results of operations and financial performance; risks associated with transaction-related litigation; and the ability of the Company to retain and hire key personnel; and the risks and uncertainties pertaining to the Company’s business, including those detailed under “Risk Factors” and elsewhere in the Company’s public periodic filings with the SEC. There can be no assurance that the proposed transaction or any other transaction described above will in fact be consummated in the manner described or at all. Stockholders, potential investors and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. It is not possible to anticipate or foresee all risks and uncertainties, and investors should not consider any list of risks and uncertainties to be exhaustive or complete. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, please see the Company’s statements and reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC and other written statements made by the Company from time to time. The forward-looking information herein is given as of this date only and is qualified in its entirety by this cautionary statement, and the Company undertakes no obligation to revise or update it.

Additional Information and Where to Find It

In connection with the merger and with the solicitation of proxies for the special meeting of stockholders (the “Special Meeting”), the Company intends to file with the Securities and Exchange Commission (“SEC”) a proxy statement of the Company (the “Proxy Statement”), and other relevant materials with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A definitive Proxy Statement will be sent to the Company’s stockholders. Investors and security holders will be able to obtain the Proxy Statement free of charge from the SEC’s website or from the Company. The documents filed by the Company with the SEC may be obtained free of charge on the Company’s website at the Investor Relations section of http://ir.themeetgroup.com/CorporateProfile/ or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from the Company by requesting them from Investor Relations by mail at 100 Union Square Drive, New Hope, PA 18938, or by telephone at 215.862.1162. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

PARTICIPANTS IN THE SOLICITATION

The Company and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the Company’s directors and executive officers is available in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and in its proxy statement dated April 29, 2019, for its 2019 Annual Meeting of Stockholders. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC regarding the transaction when they become available. Investors should read the Proxy Statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the Company as indicated above.

The Meet Group
Investors:
Leslie Arena
larena@themeetgroup.com
267 714 6418

Media:
Brandyn Bissinger
bbissinger@themeetgroup.com
267 446 7010

Media ProSiebensat.1
Stefanie Rupp-Menedetter
Stefanie.Rupp@ProSiebenSat1.com
Phone: +49 [89] 95 07-2598

Media NuCom Group:
Dorothea Gugel
dorothea.gugel@nucom.group
Phone: +49 [89] 95 07-8741

General Atlantic
Mary Armstrong & Emily Japlon
media@generalatlantic.com

Source: The Meet Group, Inc.

Munich/Hamburg, March 5, 2020. ProSiebenSat.1 and General Atlantic teamed up to sign with their joint company NuCom Group an agreement for the acquisition of the US online dating and social entertainment provider The Meet Group (NASDAQ: MEET). The goal is to create a leading global player in the online dating segment by combining NuCom’s portfolio company Parship Group with The Meet Group. The cash price consideration to The Meet Group’s shareholders is $6.30 per share, valuing The Meet Group at approximately $500m enterprise value. The acquisition is expected to close in the 2nd second half of 2020 and is subject to the satisfaction of customary conditions, including approval of The Meet Group’s shareholders and receipt of required antitrust and regulatory approvals.

Two leading businesses with complementary strengths and unique product offerings in their respective highly attractive market segments
After a successful closing of the transaction, Parship Group will cover the complete spectrum of the online dating market. The Meet Group’s fast-growing dating and social entertainment apps with brands such as MeetMe®, Tagged® and Lovoo® meet the universal need for human connection. The established and well-known brands Parship, eharmony and ElitePartner offer science-based online dating to create long-term relationships. By combining their industry expertise as well leveraging their complementary fit and user bases in the core markets, Parship Group will become a global leader in the online dating market with expected double-digit annual revenue growth rates.

Max Conze, CEO, ProSiebenSat.1 Media SE: “The acquisition of The Meet Group is one of ProSiebenSat.1’s largest transactions. It will significantly advance our ambition to create one of the leading global players in online dating and interactive live video. We believe the combination of these two successful and complementary businesses will also create synergies within the ProSiebenSat.1 universe and accelerate the growth of our market share in the German live video apps sector.”

Industry leader with innovative and interactive live video offer
The Meet Group‘s apps are positioned at the intersection of online dating and social entertainment. Its main markets are North America, Germany and Southern Europe. In total the brands of The Meet Group have approximately 4.46m mobile daily active users, focusing on a target group of men and women between the age of 18 and 34 years+. The Meet Group apps represent a highquality product expansion for the Parship Group, diversifying revenues from 100% subscription towards virtual gifting and advertising. The company, which is listed on NASDAQ, generated approximately $206.6m of revenues and approximately $39.5m of Adjusted EBITDA1 for the twelve months period ending September 30, 2019.

Attractive value creation by strengthening core vertical of NuCom Group
NuCom Group has a proven track record of successful value creation for investors and their portfolio companies. Over the past four years, NuCom Group has established a profitable online matchmaking platform – Parship Group – through the acquisition of Parship and ElitePartner in Germany in 2016, followed by the acquisition of US-based eharmony Group in 2018, globalizing the company. The acquisition of The Meet Group with its leading portfolio of mobile dating apps will further diversify the matchmaking and dating platform, and will
scale the combined entity’s geographical presence and breadth.

Joern Nikolay, Managing Director General Atlantic: “Nearly two years ago, we entered into this partnership with ProSiebenSat.1 and NuCom Group with a clear mission to create category leaders. The Meet Group is an innovative and growing company that is a natural fit with the Parship Group, and the transformative combination of the companies will move us closer toward our vision of creating a global leader in the online dating segment. We are proud to be a partner of both ProSiebenSat.1 and NuCom Group as we work to create
long-term value and growth.”

Geoffrey Cook, CEO, The Meet Group: “We are excited about this transaction and the significant benefits resulting from a combination with NuCom’s Parship Group. We look forward to joining forces with Parship Group and leveraging their industry experience to continue to advance our mission of helping users connect in a meaningful way.”

Tim Schiffers, CEO Parship Group: “Following the successful acquisition of eharmony, we have proven that we can manage new businesses and accelerate their growth by combining the best of both worlds. We continue to consolidate our position in the online dating market and extend our business model by adding social entertainment. I am looking forward to working with our new colleagues to solidify our international footprint.”

Deal structure demonstrates excellent collaboration between ProSiebenSat.1 and General Atlantic
ProSiebenSat.1 Group and General Atlantic will jointly finance the acquisition with cash contributions of $232m (EUR 209m (2)) and $306m (EUR 276m (3)),respectively. NuCom Group, which is jointly owned by ProSiebenSat.1 and General Atlantic, will contribute Parship Group to a newly formed company. After completing the transaction, ProSiebenSat.1 Group will hold 55% of the merged online dating business, whereas General Atlantic’s stake will amount to 45%. The envisaged shareholding structure also takes a pre-merger Enterprise Value
for the Parship Group of EUR 726m into account.

The acquisition multiples for The Meet Group are EV/LTM Sales of 2.4x, EV/LTM Adjusted EBITDA of 12.8x, reducing to < 10x including full run rate synergies (full run rate synergy potential expected to be realized by 2022). The acquisition is expected to be adjusted net income accretive for ProSiebenSat.1 in the first year (pro-forma full year 2020E). The acquisition will increase the net debt position of ProSiebenSat.1 Group by c. EUR 209m (4) and will result a slight increase of financial leverage (pro-forma full year 2020E). However, ProSiebenSat.1 Group is strongly committed to its targeted financial leverage in the range of 1.5x to 2.5x. 

(1) Adj. EBITDA definition according to The Meet Group https://www.prosiebensat1.com/en/investor-relations/presentations-events/ma
(2) Based on EUR/USD exchange rate of 1.11.
(3) Based on EUR/USD exchange rate of 1.11.
(4) Based on EUR/USD exchange rate of 1.11, subject to condition at closing date.