Vice Media on verge of deal to snap up digital media firm Refinery29
Vice Media is said to be in the final stages of discussions with Refinery29 about a takeover of the female-focused digital media company.
The two companies have agreed on most of the details for a combined cash and share buyout, the Wall Street Journal reported, citing people familiar with the matter.
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Some of Refinery29’s founders and senior managers would stay with the enlarged company following the deal, according to the report. It is unclear how much Vice will pay for the firm.
The deal, which could still fall through, would allow Vice to bolster its largely youth-orientated readership with Refinery29’s complementary target audience of young women.
Both companies are said to have grown revenue and shrunk losses compared to the previous year. However, a tie-up would allow the firms to combine their revenue streams, which include advertising, content licensing and events.
It comes amid increasing consolidation across the media landscape, as publishers look to stave off competition from tech giants such as Google and Facebook, which have cannibalised digital ad revenues.
Vox Media last week acquired New York Media, the publisher behind New York Magazine, Vulture and The Cut. Meanwhile, Buzzfeed has formed an alliance with Group Nine Media and Insider, enabling the three companies to pool their advertising space.
A merger between Vice and Refinery29 is aimed at using Vice’s global footprint to grow the combined company, according to a personal familiar with the transaction.
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Under chief executive Nancy Dubuc, Vice has attempted to streamline its corporate structure by consolidating its various brands onto a single site. The firm has also restructured its leadership team and axed hundreds of jobs in a bid to cut costs.
Vice Media has been contacted for comment.
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