Daily Mail owner gets rid of under-performing viral millennial site Elite Daily in sale to Bustle Digital Group

 
Francesca Washtell
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DMGT said Elite Daily had been under performing when it took an impairment charge in December (Source: Getty)

The Daily Mail's parent company, Daily Mail and General Trust (DMGT), has flogged its viral video-sharing site Elite Daily to the millennial women-focused Bustle Digital Group.

DMGT acquired the US site in January 2015 in a bid to engage with millennials and Facebook users.

The sale, for an undisclosed amount, is part of DMGT's aim to become a "more streamlined group".

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In December, DMGT wrote down the value of the business and took a $31m (£25m) impairment charge, citing poor performance and issues with audience retention.

"As a result of the change announced today MailOnline moves a significant step closer to profitability," DMGT said in a statement.

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The group will now "concentrate its energy and resources fully" on its flagship US digital title DailyMail.com.

MailOnline recorded increases in the first half year of 2017 of over 25 per cent in US revenues and approximately 20 per cent in overall global revenues over the same period the previous year.

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Also in December, DMGT cut its stake in B2B trade publication hub Euromoney. It remains Euromoney's largest shareholder.

DailyMail.com is the most read English-language newspaper website in the world with around 243m unique visitors globally.

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