Group Nine, fresh off a new $50 million round of funding, decided to add to its portfolio of brands.
The media company, which already operates sites such as Thrillist and NowThis, acquired PopSugar, a web site that offers fashion and celebrity coverage aimed at women, but also shopping and extensive branding and licensing efforts of its own and for advertising partners. A spokeswoman for Group Nine declined to comment on the value of the deal, but it was an all-stock transaction. Reporting in The Wall Street Journal said PopSugar was valued at $300 million.
That valuation is half that of Group Nine, which is said to be worth $600 million based on its recent funding round, led by Discovery Inc., already its largest investor, and Axel Springer.
Ben Lerer, Group Nine’s chief executive officer, said the acquisition of PopSugar “hugely expands our reach within an important demographic, bringing us a community that deeply loves the brand and a company with the proven ability to diversify their revenue across premium advertising, affiliate, direct-to-consumer commerce, licensing and experiential channels.”
Noting the current rate of consolidation in digital media — with Vice just buying Refinery29 in an all-stock deal and Vox buying storied New York Magazine in
The media company, which already operates sites such as Thrillist and NowThis, acquired PopSugar, a web site that offers fashion and celebrity coverage aimed at women, but also shopping and extensive branding and licensing efforts of its own and for advertising partners. A spokeswoman for Group Nine declined to comment on the value of the deal, but it was an all-stock transaction. Reporting in The Wall Street Journal said PopSugar was valued at $300 million.
That valuation is half that of Group Nine, which is said to be worth $600 million based on its recent funding round, led by Discovery Inc., already its largest investor, and Axel Springer.
Ben Lerer, Group Nine’s chief executive officer, said the acquisition of PopSugar “hugely expands our reach within an important demographic, bringing us a community that deeply loves the brand and a company with the proven ability to diversify their revenue across premium advertising, affiliate, direct-to-consumer commerce, licensing and experiential channels.”
Noting the current rate of consolidation in digital media — with Vice just buying Refinery29 in an all-stock deal and Vox buying storied New York Magazine in