After The Betoota Advocate jokingly claimed a buyout offer from News Corp Australia, a Queensland startup founder has tendered his own matching bid for the satirical publication.
The offer is only as serious as the Advocate is, according to Tanda co-founder, CTO, and long-time reader Alex Ghiculescu.
But keeping Australian businesses independent is no laughing matter to the founder, who argues more homegrown enterprises ought to retain local ownership.
“I’m sure there’s lots of people who would want to ensure that the Advocate stays independent,” said Ghiculescu.
Fake letter, real interest
Last week, Advocate editor-in-chief Errol Parker, real name Charles Single, shared a photo showing a purported expression of interest from New Corp Australia, the international media giant’s local publishing arm.
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“Subject to customary due diligence, News Corp would be prepared to explore a full acquisition,” the letter said.
It “didn’t take Lachlan very long” to submit the offer, wrote Parker, referring to News Corp chair Lachlan Murdoch, who last week assumed control of the News Corp empire at the conclusion of a high-profile succession dispute.
The Betoota Advocate founder and CEO Antony Stockdale confirmed to SmartCompany‘s sister publication Crikey that the News Corp Australia offer was, in fact, a joke.
The expression of interest shared by Errol Parker on LinkedIn, which The Betoota Advocate founder and CEO Antony Stockdale later admitted was a joke. Source: LinkedIn/Errol Parker
But Parker’s post sparked real intrigue about the Advocate, which has grown a massive following for its light-hearted reports (“ATO Adds Exciting New Tipping Feature For True Patriots”, “City Worker Forgot None Of His Fellow Drones Come Into Work This Week”), and in recent years, its sharper political barbs.
Despite — or because of — headlines like “Constant Bombardment Of Gambling Ads For Kids Under 14 Totally Fine Though Confirms Government” and “Major Parties Combine To Pour Petrol On Flaming Housing Market”, politicians including Prime Minister Anthony Albanese and former PM Malcom Turnbull have taken part in its podcast series.
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Combined with revenue from Betoota-branded beer, books, and merchandise, The Betoota Advocate has somewhat improbably become one of Australia’s most well-known and resilient independent media organisations, adding a sheen of legitimacy to the joking takeover bid.
SmartCompany asked Parker, AKA Single, if the publication has received serious takeover bids, from News Corp or otherwise.
“Yes,” he replied.
“Many and varied. Prefer not to comment further on these private business processes.”
Push for independence sparks semi-serious bid
Responding to the fabricated News Corp letter on LinkedIn, Ghiculescu wrote he would counter any bid that could feasibly put The Betoota Advocate, currently operated under Sydney’s Diamantina Consolidated Holdings, under global ownership.
“My vision for the Advocate is that it could be The Washington Post of Down Under,” he wrote, referring to Amazon founder Jeff Bezos’ acquisition of the American newspaper.
“I can’t pay what Bezos paid, but I do still have a head of hair. Swings and roundabouts.”
Speaking to SmartCompany, Ghiculescu acknowledged the News Corp letter joke, while opposing any real bid that could bring new corporate oversight to the Betoota brand.
“They would probably offer a board. They offer telling them what to do. They offer journalistic direction. They offer influence over advertising,” he said.
“They have influence over what sort of stories they can run. And so my answer is basically to do none of that and just let them keep running it as they want to.”
Independence is somewhat personal to Ghiculescu, whose Tanda payroll, HR, and workforce management startup was fully bootstrapped.
“We’ve been running our business for 15 years almost, and we’ve never taken any outside capital,” he said.
“It’s kind of been the same thesis — we know the business pretty well.
“We’re responsible to our customers and accountable to our customers, and that’s it.”
Jake Philpott, Tanda co-founder and CEO, used his own LinkedIn post to argue big-name SaaS competitors, like MYOB, Employment Hero, and Deputy, traded exclusive oversight when accepting capital from “rent-seeking” global investors.
“I think the best thing for Betoota guys would be if they didn’t sell, if they just kept being accountable to their audience,” Ghiculescu continued.
“But you know, if they really want to buy a boat, I think the next best option is to partner with somebody who shares that ethos.”
