Time Inc. has acquired HelloGiggles, the entertainment and lifestyle Website founded by actress Zooey Deschanel.
Details of the acquisition were not publicly disclosed. However, the Wall Street Journal today reported that a source close to the purchase claimed it was “in the range of $20 million.”
HelloGiggles.com launched in 2011. The site, which bills itself as a “positive community for women,” was founded by Deschanel, along with blogger Sophia Rossi and writer Molly McAleer. The site is most popular among female Millennials, offering articles on pop-culture, style, food, careers and friendship, “issues that matter most to young women’s lives,” according to the site.
In statement released today on HelloGiggles’ site, the company stated that “by partnering with Time Inc., we hope to promote the work of our amazing contributors on an even bigger platform, to showcase young talent and reach more readers than ever, and to expand the HG community in cool, new, exciting ways.”
The WSJ reported that HelloGiggles.com would be folded into Time Inc.’s People and Entertainment Weekly group. The company, however, would continue operations from its current Los Angeles headquarters.
Magazine behemoth Time Inc., which publishes Sports Illustrated, People, InStyle, Travel + Leisure, Fortune, Food & Wine, and about 80 other titles, including eponymous Time magazine, appears to be in the midst of a digital acquisition frenzy with a notably youth-oriented scope. The company in July acquired digitally sports league companies SportsSignup and LeagueAthletics, as well as sports apps company iScore Sports and digital brand creative services outfit InVNT. The company also launched an online automotive site, Drive, in September.
The publisher in August hired Michael Erlinger from WPP's GroupM global media investment unit for the purpose of developing a business model for its ongoing video expansion.
Time Inc. also today announced that it would shutter its women’s print magazine All You.
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