The UK arm of online news and podcast platform Joe Media has been rescued, after its owner Greencastle collapsed amid a tough advertising landscape.
According to The Times, the platform has been bought up by Sentana Sports tycoon Mickey O’Rourke after Greencastle collapsed owing £4m of debt to HMRC. It also had a number of other significant creditors, including TikTok and Meta.
Joe had become well-known among youth media channels, especially for encouraging young people to become engaged in politics.
It is perhaps best-known for its YouTube channel PoliticsJoe, which publishes videos breaking down political issues across a wide range of subject matters, from domestic issues such as housing, elections and more, to international news and politics.
Despite building a large audience of young social media users, it has struggled to find the advertising needed to create a serious revenue stream in the UK market.
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O’Rourke already had a share in Joe Media’s Irish business, and had also been a minority shareholder in Greencastle, which itself initially bought Joe Media out of administration in 2020.
Joe Media is not the only digital news publisher struggling to find advertisers in the current media landscape. In February, Vice Media laid off hundreds of workers after having to move to a studio model and ceasing to publish online citing that it was no longer profitable for it to publish content via its website.
A tough economy has also seen broadcasters including ITV and Channel 4 cut jobs and reduce show numbers due to the advertising landscape.
A spokesman for Joe Media told The Times the business was profitable and that the new funding would be used to grow and acquire new assets.
