![]() Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account We still have due diligence to do on all of these issues.”ĬNN’s Brian Stelter contributed to this story. “We expect to have more conversations with management in coming days to make sure we have all the details – e.g., whether there might be any effect on operations or editorial voice or employment levels. “We have been in touch with both companies and we know that the WGAE will continue to represent the affected employees,” said Lowell Peterson, executive director of Writers Guild of America East. Refinery29’s union was recognized by management in the same month. ![]() and Los Angeles later this year.īoth Vice and Refinery29 are unionized through the Writers Guild of America East. Its annual made-for-Instagram pop-up, 29Rooms, is currently operating in Toronto and will be in Washington, D.C. The leadership organization and structures will be announced after closing, according to Wednesday’s press release.īeyond digital ads, Refinery29 runs an events business. Refinery29’s leadership will report to Dubuc. After HBO dropped the Emmy-winning series “Vice News Tonight” and “Vice” from its programming, Vice Media recently found new homes for them at its cable channel Viceland and at Showtime, respectively. Vice laid off about 10% of its workforce, about 250 employees, in February. It laid off 10% of its staff, or about 40 employees, in October.ĭubuc, who took over the reins of Vice from co-founder Shane Smith in 2018, has been working to make it profitable. Refinery29 is funded by $133.4 million, per Crunchbase. Later that month, Walt Disney Company disclosed a $353 million writedown on its investment in Vice. In May, Vice Media raised $250 million in debt. Last week, Vox Media acquired New York Media in an all-stock transaction.īoth Vice Media and Refinery29 are supported by venture capital funding. This deal comes as other media companies consolidate and collaborate to better compete for digital ad dollars. The remaining verticals include Vice News, Motherboard (tech), Noisey (music) and Munchies (food). ![]() That change came as part of Vice Media’s strategy to bring its verticals under the umbrella. Vice Media previously ran a women-focused site called Broadly, but rebranded it as Vice Identity in May. (Photo by Stephanie Keith/Getty Images) Stephanie Keith/Getty Images Nancy Dubuc, CEO of Vice Media, speaks at the New York Times DealBook conference on Novemin New York City. Refinery29 launched as a fashion site in 2005 but has since expanded its coverage to beauty, health, entertainment, food, politics and general news - all told with a focus on millennial women. Vice launched as a youth culture magazine in Canada and has since grown into a robust media organization that produces news, documentaries, films and web series, among other content. Vice Media’s staff previously had an equal gender split but will now be majority women, according to the release. The deal not only expands Vice Media’s overall audience size but adds more female-focused content to its roster. 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,” Vice CEO Nancy Dubuc said in a statement. VICE Media Group and Refinery29, two of the strongest independent voices in the industry, will continue to build a scaled global and diversified media company. “This is an expansive moment for independent media. The FT, which broke the news, reported it was a “mostly stock transaction.” According to the sources, the deal will value Refinery29 at less than $500 million, but the exact dollar amount is unknown. The two companies announced the deal in a press release Wednesday. Vice Media, the notoriously provocative company that has courted controversy for its approach to the news, has acquired the women-focused digital media company Refinery29.
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