Vice Media have taken over Refinery29 following months of talks about the acquisition.
The female-focused site, who was struggling financially, was looking for a partner to help save the title. Vice Media stepped in, looking to diversify their own audience, which is currently 60% male.
Vice Media will allow Refinery29 still to operate as an independent brand, though it is unclear if any jobs will be made redundant.
A note that was sent out to staff at Vice cited the 4 reasons for taking on the site: “[One], the strength of their business based on a deep connection of their audience through great content experiences; 2) the synergies between our two cultures, values and beliefs; 3) the increased impact and reach that will result from coming together for our clients; and 4) the incremental growth in our overall business as we move closer to positive returns.”
In a public statement, Nancy Dubuc, CEO for Vice Media, said: “We will not allow a rapidly consolidating media ecosystem to constrict young people’s choices or their ability to freely express themselves about the things they care about most,” she said in the statement. “At Vice and Refinery29, the megaphone is theirs to use and the platforms are theirs to build with us.”
