According to a report from the Financial Times, the combined value of the deal has been pegged at $4 billion.

Vice Media LLC has disclosed it will be acquiring Refinery29, an online publication that focuses on entertainment and lifestyle for women, as it aims to reinvigorate its content across platforms.

Although both companies did not shed light on the value of the deal, according to a report from the Financial Times citing sources familiar with the matter at hand, the combined value of the deal is worth $4 billion.

The purchase will help the online publishers to better curate their content in the face of falling digital advertising rates.

Incidentally, in 2018, Vice Media LLC had named Nancy Dubuc as chief executive officer months after apologizing for allowing a “boy’s club” atmosphere to flourish at the company. The development came in the wake of Vice Media firing three employees in December 2017 following reports that more than two dozen women had witnessed or experienced sexual misconduct at the company.

Since then Vice Media has laid out steps to improve the work atmosphere for women, and had committed to equal pay for both genders by the end of 2018.

Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

Tags: acquire, acquiring, combined value, content, digital advertising rates, entertainment, Financial Times, lifestyle, M&A, mergers and acquisition, online publication, platforms, Refinery29, Vice Media LLC, women