This post was originally published on this site
Vice Media LLC said it has completed a deal to acquire female-focused digital media company Refinery29 Inc. as it looks to build up its global footprint and add new revenue streams.
Vice didn’t disclose the price. The deal was a mixture of cash and stock and valued Refinery29 at at least $400 million, according to people familiar with the matter.
The Wall Street Journal reported Tuesday that Vice and Refinery29 were working to finalize a deal.
Refinery29 employees will report to Vice Chief Executive Nancy Dubuc, the company said. Refinery29’s founders and senior managers plan to stay, The Journal has reported. Leadership changes will be announced after the transaction is complete, which is expected by year-end. Through the deal, Vice expects content production to grow by 20% across all of its platforms.
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
USA Swimming faces probe into sex-abuse claims, business practices.
Samsung Galaxy Fold review: The $2,000 phone of the future is here — please don’t break it.