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Group Nine to diversify its digital lineup via acquisition of PopSugar

Continuing a wave of consolidation in the digital space, Group Nine Media Inc. reached a definitive agreement to acquire women-focused content company PopSugar Inc.

The terms of the deal were not disclosed.

Group Nine Media's current content lineup includes science-focused Seeker; NowThis, focused on news and politics; animal-focused The Dodo; and Thrillist, which focuses on food and travel. Group Nine said in an Oct. 7 news release that the expanded entity will reach 70% of young adults 18 to 34 in the U.S. and count more than 200 million followers across social platforms.

The Group Nine pact for PopSugar follows Vice Media LLC's recently announced agreement to purchase a similar digital property, Refinery 29 Inc.

Last month, Group Nine announced that it had raised $50 million in new funding from lead investor Discovery Inc. and strategic partner Axel Springer SE.

PopSugar founders Brian Sugar and Lisa Sugar will join the executive team of Group Nine, led by CEO Ben Lerer. Strategic investor Michael Moritz will join Group Nine's board.

Citing people familiar with the matter, The Wall Street Journal on Oct. 7 pegged the value of PopSugar at $300 million.

Cooley LLP advised Group Nine Media, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP and Code Advisors advised PopSugar on the deal.