Digital publisher Group Nine Media has agreed to acquire women-focused publisher PopSugar, reported The New York Times. This is the latest merger of new-media firms hoping that greater scale will help them sell online ads, where Facebook and Google dominate.
The all-stock deal values PopSugar at more than US$300 million, according to people familiar with the matter, and will give its shareholders more than 30% ownership of the combined company, which will keep the Group Nine Media name. Group Nine’s shareholders will own the rest.
Group Nine—whose properties include The Dodo, a digital outlet focused on animal stories and videos—and news destination NowThis, was valued at more than US$600 million in the deal, the people said. That is consistent with the valuation from its latest funding round last month, the people added. Group Nine, whose largest shareholder is nonfiction TV programmer Discovery, has raised US$190 million to date. The combined company is worth about US$1 billion, according to a person familiar with the matter.
Group Nine’s purchase of PopSugar is the third digital-media deal in the past two weeks. Vox Media recently agreed to purchase New York Media in an all-stock deal that valued New York at about US$105 million.
Full Content: New York Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI