Decrypt, Rug Radio to combine in 'merger of equals': Axios

Quick Take

  • Decrypt and Rug Radio, two Web3-focused news organizations, have signed a letter of intent to merge their operations next year, according to Axios.

Crypto and Web3 news site Decrypt and decentralized, creator-focused media project Rug Radio will merge operations next year, combining forces while retaining brand independence, according to a report from Axios.

The merger is seen as complementary, with Decrypt's text-focused content on its website pairing with Rug Radio's audio and video podcast content. Josh Quittner, the CEO of Decrypt, Farokh Sarmad, founder and co-CEO of Rug Radio, and Loxley Fernandes, Rug Radio's other CEO, will maintain leadership positions of the new holding company. 

The brands will retain their branding, identity, and staff. Each company claimed around $3 million in annual revenue from ad sales and said its employees would remain with the organizations following the merge, which Fernandes described as a "merger of equals." 


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The announcement comes at a particularly active time for crypto media deals. Bullish, a crypto exchange run by Ex-NSE President Tom Farley, recently purchased crypto news outlet CoinDesk in an all-cash deal, while Singaporean venture capital firm Foresight Ventures recently purchased a majority interest in The Block

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].