After months of talks, Vice Media sealed an agreement to acquire Refinery29, a bet by the two digital-centric media companies they can create a stronger union together to reach youth-skewing audien…
, a bet by the two digital-centric media companies they can create a stronger union together to reach youth-skewing audiences.
Brooklyn-based Vice has around 2,500 employees. Refinery29, headquartered in lower Manhattan, has under 400. Both companies in the past year have cut about 10% of their staffs, as they have faced the same challenges in hitting revenue and profitability targets that others in the digital-media space have.Group; Refinery29 will continue to operate as an independent brands. It’s not clear at this point how many layoffs will result from the combo.
Refinery29 co-CEOs and co-founders Philippe von Borries and Justin Stefano called the Vice pact a “transformational partnership” that will “allow our mission and business to flourish further.”
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