Group 9 Media aforementioned weekday it absolutely was shopping for the women-focused digital life-style publisher PopSugar in Associate in Nursing all-stock deal.
Terms weren’t disclosed, however, The Wall Street Journal aforementioned the deal provides PopSugar, based by the husband-and-wife team of Lisa and Brian Sugar, a valuation of over $300 million.
Group 9 chief executive officer mountain Lerer had landed Associate in a Nursing infusion of $50 million last month from backers Axel Springer, the Berlin-based commercial enterprise big, and cable company.
See also: Microsoft wants more chip engineers due to growth of custom silicon…
PopSugar presently has regarding three hundred staff, down from 450 many years ago, following the Feb 2017 divestment of search vogue to e-commerce company eBates. Brian and Lisa Sugar square measure connexion the management team at cluster 9.
In addition to his role at cluster 9, he’s a managing partner within the risk capital firm Lerer Hippeau, that was co-founded by his father, Kenneth Lerer. The firm has several media investments, including BuzzFeed and Axios.
Group 9 has raised $190 million so far, as well as a $50 million investment LED by Discovery in Sep that valued the business at over $600 million.
It is the most recent roll-up among digital publishers seeking to create a scale to assist battle the advertising behemoths Google and Facebook.
In recent weeks, Vice Media aforementioned it absolutely was getting plant twenty-nine and phonation Media proclaimed a deal to shop for big apple Media, that owns big apple magazine and connected websites.
“When we tend to start cluster 9 nearly 3 years ago by combining Thrillist, NowThis, The Dodo and Seeker, we foresaw the impending consolidation of the industry and set out to create a model for the next-generation media company with vital scale, deeply loyal and engaged audiences, multiplatform expertise and highly diversified revenue,” said Lerer. “PopSugar vastly expands our reach at intervals a vital demographic.”
Also Read: Vans Newly Revealed ‘Nightmare Before Christmas’ Apparel Shoe Collection –…
Group Nine Media’s traffic surged 73 percent to 44.9 million unique visitors in August 2019, compared to a year earlier when it racked up 25.9 million visitors. Pop Sugar’s was up 9.5 to 31.5 million unique, compared to 28.5 million in the same month a year earlier.
