Why DTC chest binder brand For Them is acquiring LGBTQ+ publication Autostraddle

Direct-to-consumer brand For Them, which sells gender-affirming chest binder compression tops, acquired LGBTQ+ publication Autostraddle in a move meant to deepen its ties to the LGBTQ+ community. The all-equity deal, announced today, bolsters For Them’s media operation, which already includes a burgeoning podcast network with shows such as “He's Copy,” a program hosted by New York City comedians, writers and performers Gara Lonning and Natalya Samee. The publication will be renamed Autostraddle by For Them. Specific financial terms of the deal were not disclosed. Also read: LGBTQ+ representation in ads is severely lacking In addition to the binders, which are meant to compress an individual's chest in accordance with their gender identity, For Them, founded in 2021, also sells a subscription-based membership from $6 to $15 per month. The membership includes access to a gender tracking app that helps users track “real time gender evolution using daily mood and identity check-ins,” per its website, discounts on all For Them products and events and the ability to connect with other members, among other perks. Autostraddle sells subscriptions for between $4 and $50 a month, giving members access to premium content. It currently has about 7,000 subscribers, according to Kylo Freeman, CEO and founder of For Them. Under the new deal with For Them, subscribers to either company will get the benefits of both brands’ subscriptions. Autostraddle was having financial troubles as of July, which led to budget and staffing cuts, according to the Defector. Check out the latest Ad Age events and award programs Autostraddle Founder Riese Bernard, who will join For Them in a strategic development and editorial role, will be given equity in For Them as part of the deal, Freeman said in an interview. “I’m very passionate about intergenerational wealth, so every single person that is a full-time employee of our business owns equity in the business, and that will occur on the Autostraddle side as well. And so that’s essentially what this specific deal looks like—it will be an exchange of equity, everybody will hold some sort of piece of the business,” Freeman said. For the past 14 years, Autostraddle has been an online destination for the LGBTQ+ and non-binary communities. It receives more than 2.5 million views monthly and has worked with major advertisers such as Johnson & Johnson and HBO, according to a press release. The publication will maintain all of its full-time staffers, which include Editor-in-Chief Carmen Phillips and Managing Editor Kayla Kumari, according to the press release. Diving deeper The acquisition comes amid tumultuous times in the media industry. In the past few months, news websites such as Buzzfeed News have shuttered due to economic headwinds, while others such as Vice News have filed for Chapter 11 bankruptcy protection. Countless legacy media organizations have also laid off dozens of staffers this year DTC brands, though, are continuing to invest in editorial holdings in an attempt to deepen ties with consumers. DTC companies such as women’s health brands Stix and August are both building out their editorial offerings. Last month, Stix relaunched its editorial arm, Real Talk, where readers can get information about sex education and read stories from people who have had abortions. Also read: August looks to expand its retail presence “Right now, for DTC to survive, it needs to be something that speaks to people’s ideology, their values, and core parts of people’s existence,” For Them Chief Marketing Officer Em Chadwick said in an interview. It's “just impossible” for DTC companies to “thrive,” Chadwick said, pointing to rising consumer acquisition costs. “Alongside a brand making products that speak to people's identities, values, and ways of living, it makes sense that you would have content and editorial that sits well within that ecosystem of a consumer brand.” For Them is a venture-backed business, but Freeman says its investors understand the value the Autostraddle acquisition brings to the table. DTC brands have historically grown via community-building efforts, and Autostraddle has done 14 years of community-building with the same audience that For Them now wants to reach. “I’m not expecting a queer publication or any publication, to be honest, to venture scale,” meaning grow at the speed a venture capitalist might expect, Freeman said. “But I think that if you have a core profitable business model [with For Them], which we do, you can absolutely add on a ‘break even’ publication that is doing amazing things, that can serve our members in the way that we want to serve them.” Freeman said that they pitched the Autostraddle deal to their investors with the idea that Autostraddle will keep breaking even, rather than making a vast amount of profit. “They’re investing in a company assuming that it’s going to 10X its valuation. My challenge to them is that Autostraddle supports the service of our customers, and therefore grows our business,” Freeman said. 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Why DTC chest binder brand For Them is acquiring LGBTQ+ publication Autostraddle

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