Vice Media seals agreement to acquire Refinery29.
After months of talks, Vice Media sealed an agreement to acquire Refinery29, a bet by the two digital-centric media companies they can create a stronger union together to reach youth-skewing audiences.Brooklyn-based Vice has around 2,500 employees. Refinery29, headquartered in lower Manhattan, has under 400.
Refinery29 co-CEOs and co-founders Philippe von Borries and Justin Stefano called the Vice pact a"transformational partnership" that will"allow our mission and business to flourish further." Founded in 2005, Refinery29 had raised $133 million in funding from investors including Turner , Discovery, WPP, Hearst and Stripes Group.
With Refinery29, Vice claims that it will expand its global audience reach to 350 million unique visitors monthly, a 17% increase. The new company will produce over 1,700 pieces of content daily. Under Vice, Refinery29 will continue to program across verticals including fashion, beauty, money and lifestyle, as well as produce live experiences such as 29Rooms and a slate of premium original film and TV projects including"Shatterbox" and the upcoming series"Pride" for FX.
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