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.
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.”
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.