“More than a media partnership, this is a business partnership,” Fitzgibbon said. “We have guaranteed deliverables, but after that, it becomes quite fluid.”

Expanding in the U.S.

For LBG, the partnership is significant because it reflects the company’s focus on expanding into the U.S. market.

LBG has a global reach—61% of its audience is outside the U.K., and its social accounts boast 141 million U.S. followers. But in recent years, the company has undertaken efforts to formalize that presence.

It established a U.S. office in New York in 2022, then acquired Betches the following year. All included, it has around 70 staff in the country and plans to expand.

LBG is one of a handful of U.K.-based media companies, alongside The Guardian and The Economist, amping up its presence in the U.S. to tap into its massive advertising ecosystem.

As a company, LBG divides its advertising business into direct (43%) and indirect (57%) buckets. Direct includes branded content, direct-sold inventory and its social agency services, while indirect includes social video and open-web programmatic. The remaining 2% of its revenue comes from licensing. 

Its reliance on advertising—98% of its revenue comes directly or indirectly from the category—and social media distribution leave it relatively vulnerable to external factors, but the company is profitable and brought in $8 million in profit last year.

As Betches and LBG continue their integration, the combined company hopes to land more deals like its Peacock partnership, particularly in the spirits, entertainment and CPG categories, according to Fitzgibbon. Betches has already landed a separate deal to work with NBC to promote the Paris Olympics.

“Our focus on the direct side is: How do we build deeper relationships with umbrella companies where we can really have an impact?” Fitzgibbon said. “I think this Peacock partnership is that first stake in the ground.”