Read time: 5 minutes 40 seconds

It’s a good day to be a marketer.

“Why?” you ask. Because today marks the launch of the very first Ask CMO interview newsletter. And we’re kicking things off with a bang…

Kieran Flanagan, the SVP of Marketing at HubSpot reveals why (and how) the company bought newsletters, podcasts, and other media assets to build a next-gen B2B content engine.

The HubSpot Acquisition Playbook: Why B2B Businesses Should Buy Media Assets

Ask anyone to name the five companies with the most innovative B2B marketing… chances are HubSpot makes it on that list every time.

HubSpot spotted early that core marketing channels - email, search, paid ads - were being disrupted. So, they went big (and spent big) to build a content machine that now reaches over 70 million people (prospects) every month. 

They’ve done everything from buying The Hustle to building a creator-led podcast network (that includes My First Million), and recently snapping up an AI newsletter.

We spoke to Kieran Flanagan, the man who spearheaded HubSpot’s acquisition of the Hustle, to get the inside scoop on their acquisition strategy. 

Executive summary

• Strategically building a content engine: Acquisitions like The Hustle were never just about running ads and acquiring leads. They were the building blocks for what’s now the HubSpot Media Network.

• Access to talent: These media buys brought in the kind of talent that wouldn’t typically consider a SaaS company, adding a fresh, personality-driven voice to HubSpot’s brand. 

• Thorough due diligence: HubSpot leaves nothing to chance with acquisitions. They run trial ads to test the waters, analyze growth trends, look for any key person dependencies, and confirm the content is a good match for their voice.

• An affordable alternative to acquisitions: For companies with tighter budgets, HubSpot’s creator partnerships (rather than pure acquisitions) offer a savvy workaround. Short-term contracts and creative deal structures let them tap into engaged audiences without the hefty price tag of full ownership.

Let’s get into the actionable steps on how to find, evaluate, and turn media acquisitions into a content empire that really drives growth…

Why should B2B companies buy media assets?

Surprisingly, HubSpot didn’t throw millions at media assets as a pure lead generation play. It was never about quick wins or ad placements. 

The vision was much bigger and much more strategic…

1. Build out other media assets

The Hustle was just the beginning. HubSpot’s plan? To leverage the acquisition to start building out a media empire.

A great example of how this all works is their podcast network.

Growing a podcast is a slow grind. Unlike social media, there’s no built-in distribution channel for podcasts. HubSpot did some digging and found that the only real way to grow a podcast is through ads and shoutouts from other pods.

That’s why stacking a whole network of shows is so genius. Kieran revealed that podcasts in the HubSpot network have doubled their numbers in just a 2-year timeframe.

2. Access to talent

HubSpot saw early that the fastest-growing channels were all about content with personality and strong opinions.

The reality though? The best storytellers and creatives aren’t usually lining up to work at SaaS companies. They’re drawn to media companies, where they can have a voice and a distinct point of view.

By acquiring media assets, HubSpot gained access to exactly that kind of talent… the kind that would never have considered a typical SaaS role. The unique marriage helps add personality and depth to brands and products that could otherwise be lacking in that department.

3. Opportunity cost

Building any audience means competing with established voices for limited space. Starting a new AI newsletter in 2024? Good luck. HubSpot gets that people’s inbox space is precious and limited.

Think about it: People only keep a few go-to newsletters and podcasts in their rotation.

That’s why HubSpot finds it smarter to buy into an established space instead of trying to usurp the current leaders.

Case in point: their recent purchase of Mindstream in the AI field. Instead of battling it out for attention, they went straight to the source. A brilliant shortcut. Buying an engaged newsletter gave them an instant foothold as an AI voice people already listen to.

The takeaway: Buying a media asset should be something you’re seriously considering for your B2B growth. Now comes the fun part - finding the assets that are actually worth the investment (and dodging the ones that aren’t)...

How to decide if a media asset is right for your company

HubSpot doesn’t go in blind when they buy media assets. Some early missteps, particularly with The Hustle, taught them the hard way why careful vetting and planning are everything.

Every potential acquisition goes through a thorough due diligence process to make sure it’s the right fit. Here’s how they evaluate what’s worth their time (and money):

1. Trial ads: Before making a big purchase, HubSpot runs trial ads to test the waters. You're looking for signals of interest in the audience, and a high-performing ad is a great signal. 

2. Poll your current audience: Before diving in, HubSpot polls their existing audiences to see if it’s content they’re already consuming. The trick is finding that sweet spot: Enough overlap to make sure you’re hitting the right demographic, but still bringing in fresh faces. You don’t want to buy an audience that’s already following you!

3. Look at how the audience has grown: HubSpot takes a close look at how the media asset has built its audience so far. They consider if the audience growth trajectory matches their goals or if it’s been driven by short-term tactics that might not work with the HubSpot brand.

4. Key person risk: When buying a media asset, Kieran thinks about “key person risk.” Is it overly tied to just one person? With The Hustle, Sam Parr was the identity, and that was nearly a dealbreaker.

5. Agree on editorial guidelines: Setting guidelines upfront is non-negotiable. HubSpot makes sure to align on standards with creators before anything’s signed, so the content vibe matches their brand from day one.

It goes without saying: Acquiring a media asset without a game plan would be a terrible use of resources. Part of deciding if it’s the right asset is knowing how it’ll fit into your wider content strategy from day one. Buying a newsletter or podcast is simply the first step…

Post-acquisition strategy

HubSpot knows that the real work begins when the deal is closed. They don’t buy anything without a clear, post-acquisition game plan, and neither should you.

1. Incentivize the creators: A powerful way to incentivize creators is through equity that vests over the years. But it’s not just about a bunch of money. What really drives each creator? Fame? Creative freedom? Something else? Tapping into their personal goals will help you keep them incentivized in a way that aligns with what they truly want.

2. A roadmap for the creator’s growth: HubSpot has a solid 12-18 month plan ready for the team once they acquire them. They outline how they’ll help them grow, and give them clear steps to scale up. My First Million's listeners tripled in just three months by setting clear responsibilities and building momentum right from the start.

But what if you’re not ready to make big acquisitions? Maybe you’re on a budget. Maybe you’re scared of the commitment. HubSpot’s got a second approach up its sleeve: the Creator Program. 

An affordable alternative to acquisitions

Buying media assets isn’t the only way to build out your brand’s content engine. 

Creator networks, like HubSpot’s Creator Program, offer a powerful alternative. HubSpot gets to partner with industry experts without the big price tag or the hassle. Unlike their buyouts of The Hustle and others, this model taps into expert networks without needing to own the content.

By tapping into a network of over 100 creators, HubSpot built a “human” side to its marketing that’s driving around 50% of its media network reach.

1. Why it’s a smart alternative for companies with smaller budgets: Think of it like a VC model: you incentivize creators to grow within your network without the need to own their content outright. 

• Audience Alignment: Success isn’t about massive followings; it’s about reaching engaged audiences that truly align with your target market.

• Commitment: With 6, 12, and 24-month partnerships, HubSpot builds real, lasting relationships rather than quick sponsorships.

By structuring short-term contracts (like 2-year terms), you can tap into their audience, maximize value, and then refresh your program with new talent every few years.

2. Creative deal structuring: Owning IP can get messy, so HubSpot structures their Creator Program deals creatively.

Take a page from ESPN’s $85M deal with Pat McAfee: they license The Pat McAfee Show but don’t take the IP.

HubSpot uses similar flexibility by structuring contracts so creators keep control, offering renewable terms that keep everyone happy. 

What’s your next move?

HubSpot’s strategy is paying off in a big way. It’s delivering serious growth, with 2023 revenue hitting $2.17 billion, up from $1.73 billion the year before. 

For anyone looking to join the big leagues with their B2B content, HubSpot has proven that well-planned media acquisitions can lead to real results. 

But here’s the secret sauce: This isn’t just about acquiring leads. It’s about making content people actually enjoy. That’s why it feels like HubSpot is everywhere - from when we watch Shaan Puri’s latest rant on My First Million to when we read about a new AI tool that’s about to take our job in our inbox - they’re part of the content we trust and turn to every day.

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