Youth culture and entertainment brand, Vice Media, has acquired Refinery29. The deal is valued at $400 million according to The New York Times.
Refinery29 is a lifestyle publisher with an audience predominantly made up of young women – a demographic Vice doesn't currently tap into. The deal is thought to not only increase global views for Vice but help expand its female audience and workforce to become more gender-inclusive.
Numerous sources have reported that the two companies have been in talks since July when rumours were rife that Refinery29's finances were becoming increasingly tight. Similarly, Vice appointed chief executive Nancy Dubac in 2018 to help recover losses amid stiff competition from Google and Facebook.
Dubec called the merger “a transformative day” in an email sent to staff on Wednesday. "With this acquisition, we’ll be growing our investment in premium content production across all our divisions,” she added.
It's not known how staff will be structured going forward but The New York Times reports that, "Vice Media will consider cutting some jobs in its business and administrative wings, but plans to add more people in the editorial and creative departments, according to the people familiar with the deal".
