Media group Vice Media has entered discussions to acquire Refinery29, a US-based digital media company backed by corporates WarnerMedia, WPP and Scripps Networks Interactive, the Wall Street Journal has reported.
People familiar with the matter told the WSJ the talks between Vice Media and the company are still ongoing, though one of the sources said there is no certainty an offer will be made.
Refinery29 runs a female-focused digital media platform that offers news articles and video content covering topics such as money, pop culture, sports, beauty and comedy.
Vice will use the acquisition to expand its audience, which tilts male, having recently experienced a dip in traffic after reducing the amount of content being produced for its Vice.com site.
Refinery29 raised $8m in convertible debt financing from broadcaster Discovery Communication, entertainment and media group WarnerMedia, marketing group WPP and Stripes Group in May 2019 according to Built In NYC, which said the company was looking to raise an additional $12m.
Turner, a broadcast subsidiary of WarnerMedia, led a $45m series E round for Refinery29 in 2016, investing alongside Scripps Networks Interactive, a broadcaster acquired by Discovery in March 2018. The round valued Refinery29 at $500m and increased its total funding to $125m, sources familiar with the deal told the WSJ.
Scripps Networks Interactive had previously joined WPP’s corporate venturing unit, WPP Ventures, for the company’s $50m series D round in 2015.
Refinery29 secured $5.6m in series B funding from media group Hearst, Lead Edge Capital, First Round, Lerer Ventures and Floodgate in January 2013, though Hearst is no longer listed as an investor on Refinery29’s website. That was followed by a $20m investment from Stripes Group in October the same year.