What makes B2B Media Businesses Valuable: An Interview with Josh Kaplan, CEO Smooth Media Holdings 

August 20, 2025

Understanding what drives a B2B media buyer’s decision-making is invaluable in the world of M&A. We sat down with Josh Kaplan, CEO of Smooth Creative Holdings and buyer of Energy Central, one of GMA’s recent clients. GMA sold Energy Central’s live event business to Informa in 2017, and the most recent transaction was for their online events, digital media, and job listings business. 

Josh, an early employee at Morning Brew, discussed the value he saw in Energy Central, along with his insights on the unique qualities of B2B Media businesses in general. 

He got his start at Morning Brew with a couple of college friends, saying, “We started Morning Brew for college students. Who knew all of these other people would be interested?” The digital media company eventually added a variety of verticals and sold for $75 million in 2020.

Not done, he and the other Morning Brew founders started Smooth Creative Holdings to build a portfolio of B2B digital media and also launched an agency representing business content creators to brands.

Based on the success and learnings from Morning Brew, Smooth Creative Holdings looked for trade publications to acquire, as they provide a great value proposition for their respective industries. B2B media companies have access to a premium and owned audience, decision makers, active relationships with top brands (advertisers), and have a great email database.  

Interestingly, Josh mentioned that the email database, and not website viewers is a key piece of the pie. By having good emails of thousands of active users in an industry, it enables better communication and deepens the relationship. B2B media engenders trust from their readers and it’s easier to add new (paid) offerings and introduce them to new suppliers. 

Enter Energy Central, a GMA Client. With a 30-year legacy in place, owners Steve and Audra Drazga were looking for a buyer who would be a good steward for the next chapter of the company.

Josh said, “Energy Central had all of the things we were looking for in a B2B media company – it’s a growth industry recruiting new talent and more dollars. Plus, it’s not boring. The energy industry is constantly undergoing change, so updated, interesting content generation and news are readily available.”

He continued, “B2B is not a numbers game [unlike consumer-facing media]. There is a ton of value in B2B as a trusted voice that can positively impact buying decisions. We take those trusted relationships and provide education and make recommendations on good products and services to purchase.”

 Goals for buying  Energy Central were multifold, including modernizing brands, expanding digital offerings into new formats including LinkedIn, YouTube, and online webinars and virtual events, and expanding the audience – all the while, “respecting and including your pre-existing audience.” He also mentioned that they are exploring launching physical events in the future.

Kaplan credited the Drazgas for building a strong community and making the transition as good as possible. He summed up our conversation saying that if a B2B media company does it right, they capture attention, build trust, become a habit, and work with the best companies in that industry.