If three’s a trend, then digital media mergers are officially a thing. Group Nine Media announced on Monday that it had bought PopSugar, a multimedia entity with an audience of millennial women. Last week, Vice Media bought Refinery29 in a mostly stock deal valued around $400 million. The week before, Vox Media pulled off an all-stock purchase of New York Media, the company behind New York magazine and its digital offshoots. Mr. Sugar said in a statement that joining forces with Group Nine allowed his digital brand “to build a scalable business model that sets the standard for the next-generation media company.”

Source: New York Times October 08, 2019 00:00 UTC