Group Nine acquires PopSugar
Group Nine — the digital media company formed by the merger of Thrillist, NowThis, The Dodo and Seeker — just announced that it has reached an agreement to acquire women’s lifestyle publisher PopSugar.
The financial terms of the deal were not disclosed, but The Wall Street Journal reports that it’s an all-stock transaction that values PopSugar at more than $300 million.
PopSugar was founded by husband-and-wife Brian and Lisa Sugar in 2006, and previously raised $41 million in funding from Sequoia Capital and IVP. Group Nine, meanwhile, just announced a fresh $50 million in funding from its backers Discovery and IVP, which it said would be used to grow its commerce business and for strategic acquisitions.
Brian and Lisa Sugar are both joining Group Nine’s executive team. Brian Sugar and Sequoia’s Michael Moritz are also joining Group Nine’s board of directors.
Earlier this year, there were reports that Group Nine was in talks to acquire a different women’s lifestyle publisher, Refinery29, which was ultimately acquired by Vice Media instead.
In a statement, Group Nine CEO Ben Lerer (pictured above) said:
When we started Group Nine almost three years ago by combining Thrillist, NowThis, The Dodo, and Seeker, we foresaw the impending consolidation
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