The media industry continues to consolidate. Just a few days after Vice Media announced it would acquire women's fashion and lifestyle publication Refinery29, Group Nine Media has made a similar announcement. The New York-based digital media holding company will acquire female-focused online magazine Popsugar.
While terms of the deal have not been made public, Wall Street Journal reported that Popsugar is valued at 300 million dollars.
“Popsugar hugely expands our reach within an important demographic, bringing us a community that deeply loves the PopSugar brand and a company with the proven ability to diversify their revenue across premium advertising, affiliate, direct-to-consumer commerce, licensing, and experiential channels,” Group Nine CEO Ben Lerer said in a statement.
Popsugar joins Group Nine's far-reaching portfolio of brands, which includes food and travel title Thrillist, animal magazine The Dodo, science publication Seeker and politics title NowThis.
“Over the past few years, we’ve gotten POPSUGAR to profitability and found a way to build a well-diversified business that has outlasted many of our competitors in a rapidly evolving space,” Brian Sugar, founder & CEO of Popsugar, said in a statement.
“Joining forces with a company and team that has the ambition, momentum, and market leadership of Group Nine, combined with our experience and innovation in commerce and experiential, will allow us to build a scalable business model that sets the standard for the next-generation media company.”
The merger of Popsugar with Group Nine Media will create a diversified, multiplatform company that reaches more than 50 percent of the overall U.S. population and 70 percent of Americans aged between 18 and 34 through multiplatform leadership across content, commerce, licensing, and experience.