AIN Media Agrees to Acquire Leeham News & Analysis To Deepen Commercial Aviation Coverage

AIN Media Group, a publisher of aviation news, events and data, agreed to buy Leeham News & Analysis. Terms were not disclosed, and the deal is expected to close in July. 

The acquisition, AIN’s second ever in what’s expected to be a string of them, would bring stronger coverage of commercial aviation. Their audience consists of C-level executives at commercial aviation companies around the world. AIN’s current products predominantly serve a similar audience but in business aviation. The commercial aviation coverage at AIN is mostly advertising-supported news products like FutureFlight and coverage of major airshows globally, Chief Executive Officer Ruben Kempeneer told AMO. 

Leeham is a subscription business with individual annual prices of $652 and corporate annual prices of $1,632. Aerospace manufacturers, leasing companies and airlines are among its readers. The acquisition will help boost AIN’s strategy to become less dependent on advertising.

“Three years ago AIN revenues came almost entirely from advertising-funded print and digital publications. Our strategy is to develop three core ‘pillars’ of our business: publishing, events, paid content. In 2025 (excluding Leeham revenue), our revenues will be 70% from advertising, 20% from events (which we built organically) and 10% from data subscriptions,” Kempeneer said. 

Leeham is profitable and has “a typical EBITDA % for a B2B subscription business,” he said. AIN is also profitable with a “profit margin %s in the mid to high teens.” The purchase was funded with company cash. While terms were not disclosed, according to Collingwood’s 2024 media acquisition report, subscription businesses can expect multiples of between 8x and 12x EBITDA.

Leeham News, which has been publishing for more than 20 years, will continue to publish under its current brand.  

“This agreement provides LNA with the infrastructure and resources to expand its coverage of commercial aviation, including the original equipment manufacturers, the supply chain,

the alternative energy sector, new aircraft concepts and new entrants,” Scott Hamilton, founder and managing director of Leeham Co., and editor of LNA, said in a statement. 

AIN Media Group made its first acquisition in January with the purchase of business jet valuation company AircraftPost for an undisclosed sum. That added a data division to the business.

Uncertainty in markets with the U.S. going back and forth on tariffs and bolstering border security has not yet impacted revenue at AIN, Kempeneer said. 

“We continue to manage the business prudently and are mindful of a constantly changing business playing field,” he said. “Being number one [in] the markets we choose to compete in has helped as in uncertain times when budgets come under pressure, you always see a flight to quality. This is where being number one can often benefit us where some of our competitors are being impacted.”