ZD - Ziff Davis, Inc.

Ziff Davis is a digital media and internet services company operating owned-and-operated brands such as IGN, PCMag, Mashable, Humble Bundle, and Everyday Health, delivering online content, software reviews, gaming, and health information to consumer audiences primarily through advertising and subscription revenue models. The core business serves direct-to-consumer digital audiences with ad-supported editorial content alongside B2B technology and cybersecurity software-as-a-service through its Ziff Davis Tech division, including brands like Spiceworks and MRC Data. Ziff Davis generates approximately $1.4B in annual revenue with the majority derived from North American digital advertising and subscription streams. The company also operates a performance marketing segment connecting consumers to insurance, health, and home services providers via cost-per-lead and cost-per-acquisition arrangements.

Past Year Trends

• Ziff Davis returned to revenue growth in FY2024, reporting $1,401.7 million in full-year revenue (up 2.8% YoY) and free cash flow that surged 34.3% to $131.1 million in Q4 2024, reversing prior-year declines. (Bullish)
• Ziff Davis acquired CNET from Red Ventures for over $100 million in 2024 and added Dwell, Domino, Popular Science, and theSkimm in a media brand acquisition spree totaling seven deals for $68.7 million in early 2025, meaningfully expanding its content portfolio. (Neutral)
• Advertising & Performance Marketing revenue grew 12.3% YoY to $175 million in Q1 2025, but Subscription & Licensing revenue declined 2.0% to $146 million in the same period, signaling a structural shift in Ziff Davis's revenue mix away from recurring subscription income. (Bearish)

Next Year Trends

• Ziff Davis signed a definitive agreement in March 2026 to sell its Connectivity Division (Ookla, Speedtest, Downdetector, Ekahau) to Accenture for $1.2 billion in cash, representing roughly 16% of 2025 revenue; closing is pending Hart-Scott-Rodino antitrust clearance and will significantly reshape the company's asset base and provide capital for redeployment. (Bullish)
• Organic revenue growth remained negative through Q1 2025 despite 4.5% total revenue growth driven by acquisitions, with the company relying on M&A to hit its 2025 guidance of $1,472 million in revenue; if integration of CNET and other recent buys underperforms, organic growth may remain a structural drag. (Bearish)
• Ziff Davis's Cybersecurity & MarTech segment launched IPVanish Threat Protection Pro and VIPRE Integrated Email Security in 2026, positioning the segment as a growth engine post-Connectivity divestiture; cybersecurity revenue contribution and customer retention rates in this segment will be a key determinant of whether the company can offset the $231 million in annual revenue being shed. (Neutral)

Red Flags

[Securities Fraud / Investigation] Levi & Korsinsky filed a securities fraud class action investigation into Ziff Davis, alleging the company misled investors by emphasizing adjusted EBITDA and adjusted diluted EPS while GAAP results including foreign-exchange losses painted a materially different picture. — Levi & Korsinsky / PR Newswire, 2026-03-25

[Securities Fraud / Investigation] The Gross Law Firm commenced a parallel shareholder investigation into Ziff Davis for possible violations of federal securities laws following Q4 2025 earnings disclosure. — The Gross Law Firm, 2026-03-31