Refinery29
Philippe von Borries (L) and Justin Stefano (R) cofounded Refinery29 in 2005.
- Vice
Media is acquiring Refinery29 in a mostly stock deal. - It continues a pattern of consolidation in digital media.
- In a memo to staff announcing the deal, Refinery29's founders said they built "one of the most important and influential brands in media" and that the deal would allow it to continue to grow while remaining an independent brand.
- The deal is expected to help Vice Media plug holes in its business and throw Refinery29 a lifeline. But some observers question how much stronger the new company will really be.
- Click here for more BI Prime stories.
Vice Media announced this week that it's acquiring Refinery29 in a mostly stock deal, continuing a pattern of consolidation in digital media.
In a memo to staff, Refinery29's founders said they built "one of the most important and influential brands in media" and that the deal would allow it to "continue to grow while remaining an independent brand with our own distinct mission."
Some observers question how much stronger the combined company will be, though.
Here's the full memo below:
Dear R29'ers,
This afternoon, we are excited to confirm that Refinery29 is joining forces with Vice Media Group to form the definitive media and entertainment platform for young people-a merger that unites two award-winning pioneers in storytelling with a shared purpose to create genre-defying content. Together, we will accelerate momentum for driving conversations that matter to the most powerful youth audience in history.
Over the past 15 years, we have built one of the most important and influential brands in media, helping to lead and redefine one of the most significant eras in women's media. Being part of Vice Media Group, we will start a new chapter with an ambitious partner that will allow us to continue to grow, while remaining an independent brand with our own distinct mission.
This move will see a continued investment in content production and creative output as well as the acceleration of our originals, live events and creative agency businesses around the world -- taking advantage of Vice's large global network of over 35 offices. We will now have the unique power to access, inform, and activate an entire generation of people, and the scale to truly impact them. Quite simply, we believe that together we can do more, and do it better.
You will have many questions, no doubt, and we will answer as many as we can as we move through each stage. For now, we have signed our intent to come together with Vice Media Group and we are moving into a period where we will complete customary closing and regulatory reviews. We will continue to update you as quickly as we can through each stage of this process.
We expect a lot of attention today and over the next few days from the industry and the media around this announcement, and as a result you may receive questions from your network. We have attached the full press release for you with further details; if you receive any inquiries from the press, please forward them directly to Suzy Berkowitz and Chelsea Sanders.
Over the next three to six weeks, we will be working through the process to close the transaction. This means we will remain separate and distinct companies until final close. During this time, we will be working through the details and logistics and will have much more to tell you as we near close. And, we will hold our global town hall with a team Q&A portion at this time, as well. Until then, we are available anytime and if anyone wants to talk, founders and senior leadership are here to connect.
Thank you for your continued passion, innovation, and tireless work. Most of all, thank you for believing in our brand and each other, because without you and the commitments we make to each other, we wouldn't be here ushering in a thrilling new period of growth and creativity.
Philippe, Justin, Christene & Piera