logo
Plus   Neg
Share
Email

Refinery29 Being Bought By Vice Media

refinery29 oct03 lt

Vice Media Group, a digital media company focused on youth entertainment and culture, has agreed to acquire Refinery29, an online publisher catering to millennial women. Financial terms of the transaction were not disclosed.

The deal was signed in New York on Wednesday by Vice Media CEO Nancy Dubuc and Refinery29 Co-CEOs Justin Stefano and Philippe von Borries. The transaction is expected to close prior to year-end.

"We will not allow a rapidly consolidating media ecosystem to constrict young people's choices or their ability to freely express themselves about the things they care about most. At VICE and Refinery29, the megaphone is theirs to use and the platforms are theirs to build with us," said Nancy Dubuc, CEO of VICE Media Group.

The transaction is the latest between two digital publishers as they seek to consolidate for survival. Last week, Vox Media acquired New York Media, the company behind the New York magazine.

Refinery29 had been scouting for potential buyers for the last few years due to the tough business environment.

The acquisition of Refinery29 will enable Vice Media reach more female millennials, an audience the company lacks. It is also expected to help Vice Media to scale internationally.

Refinery29 is also expected to bolster Vice Media's digital business, while its Originals, e-commerce and creative agency divisions as well as its events business will supplement Vice's additional global lines of business.

Vice Media also noted that following the acquisition, its global audience will grow 17 percent to 350 million unique visitors a month.

Refinery29 will remain a distinct brand within the Vice Media Group portfolio and the business will report directly to Nancy Dubuc. Leadership organization and structures will be announced by the two companies post-closing.

Earlier this year, Vice Media laid off 10 percent of its workforce and consolidated several websites under the Vice.com umbrella.

Vice Media's investors include media giants like Walt Disney Co. and 21st Century Fox as well as private equity firm TPG. However, Disney has repeatedly written down the value of its initial investment of $400 million in Vice Media.

Vice Media now includes an in-house advertising agency, a television network as well as a film and television production unit.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Drugstore chain Walgreens and courier services provider Postmates said they have expanded on-demand delivery to more than 7,000 Walgreens stores nationwide. The companies expect the service will help capitalize on the rising need for home delivery amid the coronavirus pandemic. The expansion will enable consumers in cities across the country to get home delivery of health and wellness items. A growing number of retailers in the U.S. are furloughing their employees as the coronavirus pandemic has resulted in the temporary closure of retail stores nationwide. The store closures came as more people in the U.S. are forced to remain at home to help curtail the spread of COVID-19 by promoting social distancing. Ride-hailing giant Uber Technologies said it is offering 10 million free rides and food deliveries to healthcare workers, seniors, and people in need, amid the surging coronavirus or covid-19 crisis. Across the world, the company aims to work with more cities, food banks, hospitals and others to move what matters, such as getting first responders to work, and food to those who need it.
Follow RTT
>