It’s a wrap.
Vice Media, a digital media and broadcasting company, has inked a deal to acquire Refinery29 under the premise that it can be stronger by joining forces with the smaller digital-centric media company in an effort to attract readers.
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While financials of the deal were not disclosed, Variety reported that Vice will give Refinery29’s shareholders stock for the most part “with a smaller cash component.” And, according to the New York Times, the buy values Refinery29 at $400 million. The Financial Times said the buyout will put a value on the combined entity of $4 billion, which is notably less than “the $5.7 billion valuation Vice Media boasted a little over two years ago,” Variety noted.
Founded in 1994, this marks the sixth acquisition for Brooklyn-based Vice, according to Crunchbase data. In May 2018, it acquired Villain, an events production company. Over time, it’s raised a total of $1.7 billion in a combination of debt financing, venture funding and private equity.
New York-based Refinery29, which describes itself as a “digital media & entertainment company dedicated to inspiring young women to live an informed & well-rounded life,” was founded in 2005. It’s raised a total of $125.4 million in venture funding over its lifetime, according to Crunchbase.
Illustration: Li-Anne Dias