The story behind Semrush’s acquisition of Third Door Media

Marc Sirkin, CEO of Third Door Media, delves into the intricate journey of Third Door Media's acquisition by SEMrush, highlighting the strategic reasons behind the deal and the unique synergies it created. Discover how the acquisition impacts media operations, the integration challenges faced when merging with a tech company, and the balance between maintaining editorial independence and leveraging new resources. Marc also shares insights into navigating the dynamic event landscape post-Covid, providing a comprehensive look at the evolving conference and lead generation strategies.
About the speaker

Marc Sirkin

Third Door Media

 - Third Door Media

Marc is CEO of Third Door Media

  • Part 1 The story behind Semrush’s acquisition of Third Door Media

Show Notes

  • 02:43
    Background of Third Door Media
    Provides an overview of Third Door Media, a B2B media marketing company with roots in search, founded in 2006 by Chris Elwell and Danny Sullivan.
  • 07:28
    Scope and Size of Third Door Media
    Shares that Third Door Media is a small company with 30 employees, emphasizing the dedication and intelligence of the team.
  • 03:51
    Integration Challenges and Cultural Differences
    Describes the integration process with SEMrush, emphasizing the differences between SaaS and media companies.
  • 23:06
    Future of Media and Content Formats
    Discusses the importance of incorporating new media formats like podcasts and video into their established media properties.
  • 30:47
    Predictions for Future M&A in Media and Software
    Predicts that more M&A will occur between media and software companies, depending on the impact of AI and the SEO landscape.

Quotes

  • "SMX Advanced for the first time ever, is going to be in Boston in June, June 12, 13th." - Marc Sirkin

  • "SEMrush left us alone from a news standpoint, but they've added all these resources and capabilities to us to improve content, reach scope, scale, resources, you name it. It's really been interesting to see, and now with the launch of SMX, it's really all coming true. We're really aligned with where SEMrush is going" - Marc Sirkin

  • "We live in an attention economy. That attention economy is brutal. We see what the social platforms are doing. They're preying on negative emotions, they're hijacking human brains, and they're sucking wind out of a lot of the attention that you can get. And increasingly, all of us are having to do things that maybe we would normally do" - Marc Sirkin

  • “If you are looking to sell, let's say, 1000 tickets at 1200 bucks, and you're on the hook for half a million dollars of hotel expenses, and you miss that number, you could lose 200 grand. And that's a huge problem when you're a small company that's struggling. So we had really honed and sharpened our ability to do very profitable but smaller virtual events.” - Marc Sirkin

  • “SEMrush sells software to marketers. Third door media is a media company for marketers. Alignment there, I think, at a very high level, and a very specific level, is probably one of the first filters” - Marc Sirkin

  • “What's the retention rate for your enterprise customers? What's the revenue mix of the products? Those things matter and when you get into due diligence” - Marc Sirkin

Episode Chapters

  • 02:09: Elevator Pitch -- Third Door Media's rolennThird Door Media is a B2B media company with roots in search, known for marketing publications like Search Engine Land and conferences like SMX and Martech.nn02:48: Talk Nerdy To Me -- Revenue streamsnnRevenues primarily come from lead generation such as white papers and webinars, advertising, and high-end in-person events.nn06:31: Game Plan -- Pivot to virtual eventsnnDue to COVID, conferences shifted to virtual, leading to high registration but requiring adjustment from premium in-person events to virtual.nn08:02: Connection Request -- SMX in-person returnnnSMX Advanced approved for in-person event in Boston, a shift back from virtual events, highlighting logistical challenges but excitement for return.nn09:14: What's the Word? -- 30-person company dynamicsnnOperating with a small, scrappy team of 30 people, focusing on expertise, multitasking, and the personal impact of leadership during COVID.nn10:41: Connection Request -- SEMrush acquisitionnnSEMrush sought synergy with Search Engine Land and SMX, aligning content and enterprise audience, envisioning brand and resource enhancement.nn12:66: Elevator Pitch -- SEMrush motivationsnnSEMrush valued Third Door Media’s brand and saw synergy in the Martech universe, aiming to align product reach and enhance content capabilities.nn14:28: Game Plan -- Succession planningnnDiscusses succession, with founder Chris Elwell contemplating selling or passing leadership, ultimately leading to seeking acquirers.nn16:34: Deal or No Deal -- Emotional journey of the acquisitionnnReflects on the emotional highs and lows during the acquisition journey, dealing with silent partner dynamics and internal transparency challenges.nn18:45: Toss Up -- Integrating into SEMrush's corporate structurennNavigating differences between SEMrush’s data-driven culture and Third Door Media’s intuitive decision-making, focusing on marrying their models.nn22:18: Trend or Trash -- Maintaining independence post-acquisitionnnDiscussion on ensuring Search Engine Land and Martech maintain editorial independence while aligning with SEMrush’s goals, and leveraging mutual benefits.
  • Part 1 The story behind Semrush’s acquisition of Third Door Media
About the speaker

Marc Sirkin

Third Door Media

 - Third Door Media

Marc is CEO of Third Door Media

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    Part 1The story behind Semrush’s acquisition of Third Door Media

    Marc Sirkin, CEO of Third Door Media, delves into the intricate journey of Third Door Media's acquisition by SEMrush, highlighting the strategic reasons behind the deal and the unique synergies it created. Discover how the acquisition impacts media operations, the integration challenges faced when merging with a tech company, and the balance between maintaining editorial independence and leveraging new resources. Marc also shares insights into navigating the dynamic event landscape post-Covid, providing a comprehensive look at the evolving conference and lead generation strategies.