Published Dec 22, 2016The Hollywood Reporter-Billboard Media Group has announced that an agreement is in place to acquire SpinMedia's music assets including SPIN, VIBE and Stereogum, solidifying themselves as the world's largest music brand.
The deal will reportedly expand the Media Group's online readership to 45 million readers a month, with revenues increasing to more than $100 million a year. Two-thirds of the revenue will come from digital and video, with the Media Group having also announced a partnership with Facebook to create custom content for Facebook Live.
"In recent years, we set out to own the topic of music online, and the acquisition of these incredible music assets helps us do just that," Media Group co-president John Amato said in a statement. "By making these storied brands part of our family, The Hollywood Reporter-Billboard Media Group will be able to fully capture the value of millennials and music, and continue to strengthen its leadership position in this critical arena."
"Bringing in these historic brands under Billboard gives us the chance to serve passionate music audiences from rock to urban to pop in one massive portfolio," Media Group co-president Janice Min added. "The power and scale of these combined, complementary digital assets gives us the ability to deliver even more ways to reach our audience through TV, video, live events, and social and online media."
SpinMedia CEO Stephen Blackwell will report to Amato as Chief Strategy Officer of the newly acquired company and will handle revenue, digital growth, and product. SPIN magazine went fully digital in 2012 following its acquisition by BuzzMedia, who rebranded the property as SpinMedia.
Thanks to Billboard for the tip.