Freeport-McMoRan Inc
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Materials : Metals & Mining | Large Cap Value
Company profile

Freeport-McMoRan Inc. (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company's segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other. The Company's segments include the Morenci, Cerro Verde, Grasberg copper mines, the Rod & Refining operations and the United States (U.S.) Oil and Gas Operations. The Company has organized its operations into five divisions, which include North America copper mines, South America mining, Indonesia mining and Molybdenum mines. The Company's portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits, and mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America.

Price
Delayed
$31.04
Day's Change
0.985 (3.28%)
Bid
--
Ask
--
B/A Size
--
Day's High
31.28
Day's Low
30.79
Volume
(Heavy Day)

Today's volume of 4,674,135 shares is on pace to be much greater than FCX's 10-day average volume of 17,378,471 shares.

4,674,135

RECURRENT, LEADING HIGH-GROWTH DIGITAL MEDIA COMPANY SECURES $300M IN NEW FUNDING

10:00 am ET May 18, 2022 (PR Newswire) Print

New financing will propel and expand Recurrent's strategic acquisitions, grow its brand reach, develop creative talent and more

Recurrent Ventures announced today the closing of $300 million in new capital led by funds managed by Blackstone Tactical Opportunities ("Blackstone," NYSE: BX). The new funding positions Recurrent to continue to rapidly scale its operations and build a platform for continued strong growth.

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Recurrent has now raised more than $400 million in total, following a $75 million capital raise in October 2021 and other previous financing. Since 2018, Recurrent has acquired 24 digital media brands across its target verticals of Science, Tech, Outdoor, Home, Automotive, and Military. Recurrent will use the new funds to further deliver on the company's mission of growing a leading digital media company that delivers value for its customers, creative talent, and partners. Through its world-class technology platform, Recurrent builds, analyzes and packages highly engaged audiences for a customer base of leading advertisers.

Recurrent is positioned to further rapidly scale its operations through hiring and talent development, utilizing new engagement channels, expanding its video presence, and introducing new content offerings for audiences. Blackstone brings an extensive network of relationships, a focus on operational excellence and the capacity to fund larger deals for Recurrent's acquisition strategy. In addition to its business expertise, Blackstone's commitment to driving long-term value creation through Environmental, Social, and Governance (ESG) initiatives will help support Recurrent's triple bottom line focus.

Recurrent was founded in late 2018 by North Equity's Managing Partners, Andrew Perlman and Matt Sechrest, as a platform to acquire and transform leading digital media brands. Recurrent's first acquisition was the automotive lifestyle site The Drive. By 2021, Recurrent had established flagship brands within core audience verticals through strategic digital media acquisitions, namely BobVila.com with its focus in Home Improvement, Task & Purpose in Military, Field & Stream and Outdoor Life in Outdoors, Popular Science in Science & Tech, and Domino in Design & Decor. Since then, Recurrent has continued to expand its reach while becoming a new home for media entrepreneurs and creative teams looking for a way to optimize and grow their businesses, with the additions of Donut Media, Futurism, JancisRobinson.com, Business of Home, Lonny, and others.

"We are extremely proud of what we've done so far with our digital media brands, from growing audiences, to developing our brand monetization playbook, to bringing in best-in-class talent. Our belief in transparency, investment in editorial teams, and commitment to adopting best practices from various industries is helping us create a new type of digital media company," said Lance Johnson, CEO of Recurrent. "With this capital and a leading strategic partner in Blackstone, we can focus on engaging our audiences, expanding our sustainability efforts, and setting new industry standards."

C. C. Melvin Ike, Managing Director at Blackstone Tactical Opportunities, said: "The increasing demand for digital content has continued to be a key investment theme for Blackstone across our businesses. Recurrent has taken a differentiated, digital-first approach that focuses on investing in the growth of the brands it acquires, optimizing the underlying engagement with brand audiences, and equipping the new leadership teams with best-in-class people, technology, and processes. We are pleased to back their further expansion."

Recurrent is a virtual-first company employing talent across the U.S., with its headquarters in Miami and offices in Los Angeles, New York and San Francisco. Recurrent employs over 300 full time employees and 475 creative contributors, with editorial and creative teams accounting for the majority of the workforce. Interested candidates can learn more and apply for open roles here.

Recurrent was advised in the transaction by Lazard and Allen & Overy. Blackstone was advised by Weil Gotshal & Manges LLP. Existing Recurrent investors, including North Equity, Powerhouse Capital, and Raga Partners, have committed additional capital.

ABOUT RECURRENTRecurrent is a digital media company whose content from trusted brands aims to foster generations of passionate audiences across niche verticals. With social responsibility and sustainability at the center of its storytelling, Recurrent takes an innovative growth approach and creates content that is valuable to its readers, business partners, and the planet. Its titles such as Popular Science, Domino, JancisRobinson.com, Field & Stream, Donut Media, and Task & Purpose inspire and inform more than 60 million unique visitors each month.

ABOUT NORTH EQUITYNorth Equity is a venture equity firm that specializes in acquiring and investing in digital brands and technology with high growth potential and ESG impacts. North's investment team has extensive experience as private investors and operators at the intersection of technology, data, and media. Its investment portfolio includes Recurrent Ventures, the parent company of best-in-class digital brands such as Popular Science, The Drive, and Domino; and Organic Ventures Inc., a media SaaS platform. Since it was founded in late 2018, North has managed the acquisition of 24 media brands for Recurrent and will continue making strategic acquisitions across the digital media and technology landscape. North is headquartered in Miami, FL.

ABOUT BLACKSTONEBlackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

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View original content to download multimedia:https://www.prnewswire.com/news-releases/recurrent-leading-high-growth-digital-media-company-secures-300m-in-new-funding-301550052.html

SOURCE Recurrent Ventures

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