Mergers and acquisitions continue to prove beneficial to company executives looking to gow their businesses through acquisition.
The media group that operates The Hollywood Reporter and Billboard magazine said Thursday it reached an agreement to buy four music brands from SpinMedia, establishing a longer reach by combining some of the most storied titles in music and entertainment.
The Hollywood Reporter-Billboard Media Group, which has tried to attract more millennials to its online properties, said the deal will extend its online audience to 45 million readers a month. The Hollywood Reporter-Billboard is buying outlets Spin, Vibe, Stereogum and deathandtaxes, according to a spokeswoman.
SpinMedia will retain its other titles, such as Celebuzz.
“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,” said John Amato, co-president of The Hollywood Reporter-Billboard Media Group.
An expanded version of this report appears on WSJ.com.
Article by Joshua Jamerson
Dec 22, 2016 4:39 p.m. ET