Adam Taylor/FOXZooey Deschanel ” New Girl” actress Zooey Deschanel has a startup, and that startup just got bought by Time Inc. The decision to shutter the brand comes the same day it was announced that Time Inc. had acquired HelloGiggles.
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Of all of Time Inc.’s properties, including Sports Illustrated and namesake Time Magazine, People is the company’s biggest revenue generator, bringing in 18 percent of total company revenue in 2014. The website is becoming increasingly popular with its targeted female demographic, boasting more than 17 million monthly unique visitors.
The deal was valued at around $30 million, sources tell The Hollywood Reporter. Chairman and CEO Joe Ripp said that the site is the “perfect fit” for the company’s collection of entertainment sites, which also includes People and Entertainment Weekly. “Throughout our collaboration, we have been very impressed with the talented team and the business they have built”, Time Inc.’s executives said. “The site provides strategic benefits including a contributor network that unlocks access to a new pool of editorial and creative talent, an expansive audience of highly-engaged consumers and experience in branded and native content solutions”. According to the Wall Street Journal, which first reported news of the sale, Hello Giggles will become part of Time’s People and Entertainment Weekly group, giving those outlets a direct line to the young, digitally-savvy women who regularly read the site.
Time Inc. has made a series of digital acquisitions in the past year, including a quartet of sports-focused purchases.
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Time Inc. this morning confirmed that it had acquired the Los Angeles-based website HelloGiggles, which bills itself as “a positive online community for women”.
