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Venture

Group Nine Media Acquires PopSugar To Access Market Of Millennial Women

Fresh off a $50 million funding round in September, has acquired , a woman-focused publisher and lifestyle brand.

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The terms of the deal were not disclosed, but the l reported that PopSugar, a San Francisco company, was valued at $300 million through the purchase

鈥檚 online network of websites — offering everything from fashion tips to entertainment updates — attracted venture capital interest from industry behemoths like and (IVP). It has raised $41 million in venture capital funding to date, according to the company.

Founded in 2006, PopSugar claims it reaches 鈥渙ne in two millennial women in the United States鈥 through its brands, which range from a digital marketplace for workout videos, to a subscription box with makeup products.

Group Nine said it builds its brands around the concept of 鈥渨here young people spend the majority of their time鈥 and cites PopSugar鈥檚 direct-to-consumer commerce and engagement as helpful in its quest to build a 鈥渘ext generation media company.鈥 The company claims that through the acquisition, it will have over 200 million social followers.

Other brands Group Nine owns include NowThis, a mobile news brand and Thrillist, a digital brand focusing on food, travel, and entertainment. Including its latest round, a $50 million financing led by ., Group Nine has raised $190 million in known venture capital to date, .

Digital publishing has been a busy sector recently. , which owns , The Cut, , and more, in a deal that valued at about $105 million, and bought digital publishing company for $400 million, as we reported on previously.

As the CEO of New York Media, , said in a New York Times article about the aforementioned acquisition that . Contrasting from the usual dialogue around shifts and consolidation within the journalism industry, this news is more optimistic. And the slew of acquisitions could give us an inkling into a trend kicking off the next generation of digital-first media companies.

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