LOS ANGELES (CelebrityAccess) — The Hollywood Reporter-Billboard Media Group announced that they will acquire SpinMedia's music assets, including Spin, Vibe, and Stereogum.
The deal will substantially expand The Hollywood Reporter-Billboard Media Group's digital footprint, which will now reach an estimated 45 million readers a month, particularly with the digitally-savvy millennial demographic.
The Hollywood Reporter and Billboard have both looked increasingly to leverage their brands in the digital space. Both companies have made a concerted effort to develop digital video content, including the creation of custom content for the newly-launched Facebook live, and generating more than a 100 million views a month, the companies said.
In all, the acquisition will boost the Media Group's revenues to more than $100 million a year, two-thirds of which will come from digital and video.
"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," said Media Group co-president John Amato. "By making these 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."
Both Spin and Vibe were some of the major players in music publications. Spin became fully digital in in late 2012 after BuzzMedia acquired the 27-year-old publication and re-branded it as SpinMedia. It bought the hip-hop and R&B magazine VIBE and its digital properties the following year.