Flash Equity has acquired The Drive, an automotive media platform. No financial terms were disclosed.
NEW YORK, Dec. 18, 2018 /PRNewswire/ — The Drive has been acquired by Flash Equity LLC. Launched three years ago by Time Inc., The Drive, one of the most influential automotive media platforms, with this acquisition has become the largest independent automotive media brand in the United States.
“We’ve been dedicated readers of The Drive since day one,” says Flash Equity Co-Founder and CEO Andrew Perlman. “Our intention is to empower the existing editorial and production teams that have made The Drive into the fastest growing online automotive media property. The Drive’s value is its combination of a highly engaged reader base, compelling content, and the ability to attract valuable automotive brand-driven partnerships.”
Since its founding in 2015, The Drive continues to publish a wide range of automotive and transportation content including breaking news stories, reviews, incisive op-eds, and investigative features. With the advent of automotive and electric vehicle technology, The Drive sits at the front lines of an automotive industry facing a profound technological upheaval – the results of which stand to change individual human movement on scale not seen since the first car drove on American roads. Over the past year, The Drive has seen continued and steady growth in its organic audience, with more 23 million pageviews in the month of October, as well as 1.9 million YouTube subscribers and nearly 1 million Facebook followers at the end of 2018.
“Since we launched The Drive, we’ve watched the automotive industry contend with its most radical changes since it formed,” says Editor-in-Chief, Mike Guy. “The pace of technological change today—from electric vehicles to AI to autonomy—is changing the way humans move around today and for generations. There is more to cover, debate, and experience than ever before and we’re witnessing it up close.”
Executive Producer, Mike Spinelli added, “We will continue to grow The Drive’s considerable online audience by developing new video content franchises and building on the existing success we are seeing across all platforms. The convergence of the auto and technology industry has set up a rapidly changing environment for car enthusiasts,” Spinelli says. “The Drive’s unrivaled commitment to digital video will help viewers navigate the changes, and connect diverse communities with strong opinions.”
About The Drive
The Drive was launched in 2015, when Time Inc. leveraged its acquisition of /DRIVE, a popular YouTube channel featuring leading industry figures Chris Harris, Mike Spinelli, and Alex Roy, to create a platform with a smart, feature-heavy approach to digital media. Editor-in-Chief Mike Guy has led The Drive since its founding, which has earned accolades and support from advertisers such as Volvo, eBay Motors, Dodge, Jaguar, and Lexus.
Among its editorial verticals is The War Zone, a powerful defense site run by Tyler Rogoway, who is among the military sector’s most influential voices. The War Zone’s singular analysis of breaking defense news, as well as its deep insider view of developing military technology, has made it an authority in the category.
With the Flash Equity acquisition, The Drive will continue to grow its audience and expand its multimedia portfolio with new videos series, podcasts, and ambitious event programming.
About Flash Equity
Flash Equity is a principal investment firm dedicated to building a portfolio of growing, cash-flow positive, transformative online media brands. The Drive is its first acquisition. Flash Equity management team has extensive experience in the intersection of technology and media, as private investors and operators, and seeks to make long-term investments across the media landscape. Flash Equity is based in New York and has offices San Francisco and Los Angeles.