The parent company of LADbible has agreed a deal potentially worth more than £34 million to acquire agency Uncovered.
The creative agency has deep TikTok and Instagram expertise, and counts the likes of Tesco, KFC and Taco Bell among its client base.
LBG Media plc said it has acquired 75% of the share capital of Uncovered Holdings Limited. It has also agreed options to acquire the remaining 25%.
The acquisition is for an initial cash consideration of £26.8m, with an earnout cash payment of up to £7m, based on the financial performance of Uncovered in the calendar years 2026 and 2027.
It will be funded through a combination of LBG Media’s existing cash resources and a new debt facility of up to £50m with HSBC UK Bank plc. This comprises a £35m revolving credit facility and an accordion option of up to a further £15m. The facilities have a maturity of three years that expire in June 2029.
The acquisition includes partial value realisation for the founders and management of Uncovered, and full value realisation for early-stage investors in Uncovered. The minority shareholding will not accrue dividends or rights to further profit distribution, profits generated from Uncovered will accrue in full to LBG Media.
The group has the right to acquire, or may be obligated to acquire, the remaining 25% of the share capital of Uncovered, for an exercise price which is to be calculated on agreed nine times multiple of respective adjusted EBITDA in each of the calendar years 2028, 2029 and 2030 which, if and to the extent exercised, will become payable in cash following the end of each such calendar year.
LBG Media recently said algorithm changes had resulted in a steep decline in Facebook advertising revenue and Google visibility.
Founder and CEO Solly Solomou said its indirect business – traffic and revenue away from direct visitors to its platforms – “was hit harder than expected”.
The acquisition of Uncovered is “directly aligned to the group’s strategy to accelerate our direct revenues, to increase the proportion of predictable, scalable revenues through direct partnerships”, the firm said this morning.
Founded in 2017 in London by Chris Cookson and Catherine Orr – who will both remain with the business post-completion – Uncovered now employs 120 people and holds multi-year contracts with blue chip clients.
In the year ended 31st December 2025, Uncovered generated £10.2m of revenue and delivered £2.7m adjusted EBITDA, having grown revenues by over 80% on the prior year. Uncovered is expected to deliver revenue growth of at least 50% in the calendar year to 31st December 2026.
“At LBG Media we’ve always believed the future belongs to businesses that understand audiences and culture,” said Solly Solomou, CEO at LBG Media plc.
“Chris, Catherine and the team at Uncovered have built one of the leading social-first agencies, and by combining their creative expertise with our audience insight, publishing capabilities and global reach, we’re creating an even stronger proposition for brands looking to earn attention, build relevance with youth audiences, and win in a social-first world.
“This acquisition marks another important step in our strategy to build the world’s leading social entertainment business for young adults. We are delighted to welcome the team to the LBG Media family and look forward to working together to unlock the opportunities ahead.”
CEO Cookson said: “Since launching Uncovered, our mission has been to build the best social first creative agency in the world. Joining LBG Media allows us to accelerate that mission in the UK and US with the backing of one of the world’s leading social entertainment companies and access to one of the most engaged social audiences on the planet.”
Orr added: “We’ve spent the last eight years building a people-first business that helps brands navigate an increasingly social-first world, while working hard to establish a growing client portfolio in the UK and an emerging one in the US.
“We see enormous opportunities ahead for our clients, people and partners as we combine our creative expertise with LBG Media’s scale, insight and cultural influence.”