NEW YORK (Hypebot) — Digital music media company BuzzMedia has purchased Spin Media, in a deal that includes the 25 year old print music magazine, the Spin Play app for iPad, Spin.com and Spin's events business. The acquisition complements BuzzMedia's existing music sites including Stereogum, Idolator, Hype Machine, Pure Volume, Brooklyn Vegan, AbsolutePunk, Buzznet, Concrete Loop, Gorilla vs. Bear, Pop Matters, Punk News, RCRD LBL, and the recently acquired XLR8R.
While the deal does not mean the immediate death of Spin's print magazine, according to sources, new ownership by a company focused on digital is part of media's accelerated shift to online. "As our audience has migrated to digital platforms, so too has SPIN," acknowledged Alan Nichols, CEO of SPIN Media. "This deal greatly accelerates our digital transition."
The combined properties make BuzzMedia the fourth largest digital publisher of original music content in the U.S., alongside MTV, Yahoo! Music and AOL Music, according to comScore. Together the sites are among the top 40 most trafficked online destinations in the U.S.