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Apr 9, 2024 · 25m · founders-journal

Why We Sold Morning Brew

Alex Lieberman · 23m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of Founder's Journal, Morning Brew co-founder Alex Lieberman details the financial, strategic, and personal reasons behind selling the company to Axel Springer in October 2020. He examines the mechanics of the acquisition, the importance of founder intuition, and why he harbors zero regrets about exiting before stepping down as CEO.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Alex holds 100% of the talking time here. How this is scored →

Alex as informed peer 0.0 Guest teaching 0.0 Guest disagreement 0.0 Alex pushing back 0.0
05100:0010:0020:003:08–6:19 · Alex as informed peer 0/10 Early Inbound Acquisition Offers and Reasons for Saying No Solo monologue by Alex Lieberman detailing early acquisition offers and why Morning Brew declined them. Because this is an uninterrupted solo reflection, there is no interactive dynamic to score.6:19–10:02 · Alex as informed peer 0/10 The Axel Springer Deal Origin and the Demands of M&A Alex continues his solo narrative discussing how the Axel Springer deal originated and advising founders on the time commitment required for M&A. Monologue format requires zero across all interaction metrics.10:02–14:41 · Alex as informed peer 0/10 Financial Freedom and Honoring a Promise to Family Alex shares personal motivations regarding financial security and a promise made to his family after his father passed away. A single syllable audio interjection occurs at 14:19, but there is no substantive guest dialogue or conflict.14:41–20:14 · Alex as informed peer 0/10 Strategic Synergies and Multiplatform Media Expansion Alex outlines the strategic synergies with Business Insider and explains his subconscious intuition about stepping down as CEO. The episode remains a purely personal monologue with no host-guest exchanges.20:14–23:50 · Alex as informed peer 0/10 Three Years Post-Sale: Zero Regrets and Economic Timing Alex reflects three years post-sale on market timing, feeling zero regret, and acknowledging the romantic appeal of bootstrapped longevity. As a solo monologue, interaction metrics remain zero.23:51–25:07 · Alex as informed peer 0/10 Stepping Down as CEO and Next Episode Preview Alex wraps up the episode by previewing the next episode on transitioning out of the CEO role and gives standard outro housekeeping. No interactive dynamic takes place.3:08–6:19 · Guest teaching 0/10 Early Inbound Acquisition Offers and Reasons for Saying No Solo monologue by Alex Lieberman detailing early acquisition offers and why Morning Brew declined them. Because this is an uninterrupted solo reflection, there is no interactive dynamic to score.6:19–10:02 · Guest teaching 0/10 The Axel Springer Deal Origin and the Demands of M&A Alex continues his solo narrative discussing how the Axel Springer deal originated and advising founders on the time commitment required for M&A. Monologue format requires zero across all interaction metrics.10:02–14:41 · Guest teaching 0/10 Financial Freedom and Honoring a Promise to Family Alex shares personal motivations regarding financial security and a promise made to his family after his father passed away. A single syllable audio interjection occurs at 14:19, but there is no substantive guest dialogue or conflict.14:41–20:14 · Guest teaching 0/10 Strategic Synergies and Multiplatform Media Expansion Alex outlines the strategic synergies with Business Insider and explains his subconscious intuition about stepping down as CEO. The episode remains a purely personal monologue with no host-guest exchanges.20:14–23:50 · Guest teaching 0/10 Three Years Post-Sale: Zero Regrets and Economic Timing Alex reflects three years post-sale on market timing, feeling zero regret, and acknowledging the romantic appeal of bootstrapped longevity. As a solo monologue, interaction metrics remain zero.23:51–25:07 · Guest teaching 0/10 Stepping Down as CEO and Next Episode Preview Alex wraps up the episode by previewing the next episode on transitioning out of the CEO role and gives standard outro housekeeping. No interactive dynamic takes place.3:08–6:19 · Guest disagreement 0/10 Early Inbound Acquisition Offers and Reasons for Saying No Solo monologue by Alex Lieberman detailing early acquisition offers and why Morning Brew declined them. Because this is an uninterrupted solo reflection, there is no interactive dynamic to score.6:19–10:02 · Guest disagreement 0/10 The Axel Springer Deal Origin and the Demands of M&A Alex continues his solo narrative discussing how the Axel Springer deal originated and advising founders on the time commitment required for M&A. Monologue format requires zero across all interaction metrics.10:02–14:41 · Guest disagreement 0/10 Financial Freedom and Honoring a Promise to Family Alex shares personal motivations regarding financial security and a promise made to his family after his father passed away. A single syllable audio interjection occurs at 14:19, but there is no substantive guest dialogue or conflict.14:41–20:14 · Guest disagreement 0/10 Strategic Synergies and Multiplatform Media Expansion Alex outlines the strategic synergies with Business Insider and explains his subconscious intuition about stepping down as CEO. The episode remains a purely personal monologue with no host-guest exchanges.20:14–23:50 · Guest disagreement 0/10 Three Years Post-Sale: Zero Regrets and Economic Timing Alex reflects three years post-sale on market timing, feeling zero regret, and acknowledging the romantic appeal of bootstrapped longevity. As a solo monologue, interaction metrics remain zero.23:51–25:07 · Guest disagreement 0/10 Stepping Down as CEO and Next Episode Preview Alex wraps up the episode by previewing the next episode on transitioning out of the CEO role and gives standard outro housekeeping. No interactive dynamic takes place.3:08–6:19 · Alex pushing back 0/10 Early Inbound Acquisition Offers and Reasons for Saying No Solo monologue by Alex Lieberman detailing early acquisition offers and why Morning Brew declined them. Because this is an uninterrupted solo reflection, there is no interactive dynamic to score.6:19–10:02 · Alex pushing back 0/10 The Axel Springer Deal Origin and the Demands of M&A Alex continues his solo narrative discussing how the Axel Springer deal originated and advising founders on the time commitment required for M&A. Monologue format requires zero across all interaction metrics.10:02–14:41 · Alex pushing back 0/10 Financial Freedom and Honoring a Promise to Family Alex shares personal motivations regarding financial security and a promise made to his family after his father passed away. A single syllable audio interjection occurs at 14:19, but there is no substantive guest dialogue or conflict.14:41–20:14 · Alex pushing back 0/10 Strategic Synergies and Multiplatform Media Expansion Alex outlines the strategic synergies with Business Insider and explains his subconscious intuition about stepping down as CEO. The episode remains a purely personal monologue with no host-guest exchanges.20:14–23:50 · Alex pushing back 0/10 Three Years Post-Sale: Zero Regrets and Economic Timing Alex reflects three years post-sale on market timing, feeling zero regret, and acknowledging the romantic appeal of bootstrapped longevity. As a solo monologue, interaction metrics remain zero.23:51–25:07 · Alex pushing back 0/10 Stepping Down as CEO and Next Episode Preview Alex wraps up the episode by previewing the next episode on transitioning out of the CEO role and gives standard outro housekeeping. No interactive dynamic takes place.

speaking balance: gold is Alex, purple is the guest (3 minute bins)

0:00 · Alex 100% · guest 0%0:00 · Alex 100% · guest 0%3:00 · Alex 100% · guest 0%3:00 · Alex 100% · guest 0%6:00 · Alex 100% · guest 0%6:00 · Alex 100% · guest 0%9:00 · Alex 100% · guest 0%9:00 · Alex 100% · guest 0%12:00 · Alex 99.9% · guest 0.1%12:00 · Alex 99.9% · guest 0.1%15:00 · Alex 100% · guest 0%15:00 · Alex 100% · guest 0%18:00 · Alex 100% · guest 0%18:00 · Alex 100% · guest 0%21:00 · Alex 100% · guest 0%21:00 · Alex 100% · guest 0%24:00 · Alex 100% · guest 0%24:00 · Alex 100% · guest 0%
Sharpest disagreement ▶ 14:15 No Guest Combativeness in Monologue

This is a solo host audio diary monologue with no active guest counterarguments or pushback.

 Hardest push from Alex ▶ 5:50 No Host Pushback in Monologue

There is no guest present to challenge or push back against in this solo narrative format.

 Biggest teaching moment ▶ 14:18 No Schooling Moment in Monologue

No guest is actively speaking or educating the host during this personal reflection episode.

 Alex holds their own ▶ 8:30 Host Sharing Strategic M&A Lessons

While a monologue, Alex clearly articulates his hard-earned founder experience regarding the heavy operational toll of M&A processes.
the scores for every segment, with the reasoning behind each
ChapterTopicAlex as informed peerGuest teachingGuest disagreementAlex pushing backWhy
Early Inbound Acquisition Offers and Reasons for Saying No 0000 Solo monologue by Alex Lieberman detailing early acquisition offers and why Morning Brew declined them. Because this is an uninterrupted solo reflection, there is no interactive dynamic to score.
The Axel Springer Deal Origin and the Demands of M&A 0000 Alex continues his solo narrative discussing how the Axel Springer deal originated and advising founders on the time commitment required for M&A. Monologue format requires zero across all interaction metrics.
Financial Freedom and Honoring a Promise to Family 0000 Alex shares personal motivations regarding financial security and a promise made to his family after his father passed away. A single syllable audio interjection occurs at 14:19, but there is no substantive guest dialogue or conflict.
Strategic Synergies and Multiplatform Media Expansion 0000 Alex outlines the strategic synergies with Business Insider and explains his subconscious intuition about stepping down as CEO. The episode remains a purely personal monologue with no host-guest exchanges.
Three Years Post-Sale: Zero Regrets and Economic Timing 0000 Alex reflects three years post-sale on market timing, feeling zero regret, and acknowledging the romantic appeal of bootstrapped longevity. As a solo monologue, interaction metrics remain zero.
Stepping Down as CEO and Next Episode Preview 0000 Alex wraps up the episode by previewing the next episode on transitioning out of the CEO role and gives standard outro housekeeping. No interactive dynamic takes place.

Statements from this episode (9)

Assertion Partly supported
Morning Brew grew newsletter subscribers tenfold to 1M between 2017 and 2018
“From 2017 to 2018 is really when we hit an inflection point in our business and grew from a 100,000 subscribers of our newsletter to a million subscribers. It was the year that we 10 X'd.”
Alex Lieberman Apr 9, 2024 ▶ 3:38
Disclosure
Morning Brew rejected multiple acquisition offers in 2018 and 2019
“Before we were approached by Axel Springer, In, at the end of 2019, we had probably been approached by four or five different businesses or funds in the year and a half prior. We were approached by a few media holding companies that own a portfolio of differen…”
Alex Lieberman Apr 9, 2024 ▶ 3:52
Assertion Not checkable as stated
Selling a majority stake in Morning Brew took 11 months
“And so from, let's call it November of 2019 to October of 2020, so literally 11 months. That was the process of doing a deal and selling a majority stake in Morning Brew to Axel Springer.”
Alex Lieberman Apr 9, 2024 ▶ 8:35
Insight
M&A and fundraising consume 50 to 100 percent of a founder's time
“When you are in the process of doing any sort of M&A with your company, whether it's selling your business, acquiring other businesses, or even, like, just doing a Traditional fundraise. It becomes anywhere between, like, 50% to a hundred percent of your job, …”
Alex Lieberman Apr 9, 2024 ▶ 8:55
Insight
Alex Lieberman: More founders regret selling too late than too early
“Far more entrepreneurs regret selling their business too late than entrepreneurs who regret selling their business too early.”
Alex Lieberman Apr 9, 2024 ▶ 11:38
Disclosure
Morning Brew had 1.5M subscribers when sold to Axel Springer
“At the time in which we sold the company, Morning Brew, the newsletter had gotten to over a million subscribers. It was probably at, like, 1.5 million now.”
Alex Lieberman Apr 9, 2024 ▶ 14:45
Disclosure
Morning Brew spent $250K to $500K monthly on paid subscriber acquisition
“At the time we probably were spending anywhere between 250 to 500,000 dollars per month on paid acquisition, right?”
Alex Lieberman Apr 9, 2024 ▶ 15:39
Insight
Alex Lieberman: Gut feeling is an undervalued decision-making tool
“Gut feeling, I think, gets undervalued because we live in a world where you need to put metrics to everything, or everything needs to be, like, quantified, or it has to be, like, super thoughtful, and by definition, your gut is not thoughtful because it is not…”
Alex Lieberman Apr 9, 2024 ▶ 19:40
Insight
Alex Lieberman: Stepping down as CEO was harder than selling Morning Brew
“And I would actually say, very interestingly, the Move out of the CEO role was far more difficult and far more emotion and identity provoking than was the decision to sell the business.”
Alex Lieberman Apr 9, 2024 ▶ 24:08
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