Music outlets Spin and Stereogum will no longer be a part of Billboard-The Hollywood Reporter Media Group, parent company Valence Media announced Thursday.
The company is selling Spin to Next Management Partners.
“Spin is one of the most respected music/lifestyle publications,” said theCEO Jimmy Hutcheson via email while announcing the sale. “Boasting millions of readers, Spin began in 1985. In today’s noisy media landscape, brand reputation and authority are more important than ever, and we feel like we have a real winner on our hands with Spin.”
Terms of the deals were not disclosed. Hutcheson declined to comment further beyond his statement.
In its own announcement of the sale, Billboard said, “This past year, Spin’s audience has grown over 40%, and the site successfully rebranded, bringing the iconic black and white logo from Spin’s inception in 1985 back. And artists such as Billie Eilish, Charli XCX and Ty Dolla Sign have graced recent covers. Next Management Partners will assume all assets and has engaged the current team to continue publishing.”
Billboard-The Hollywood Reporter Media Group also announced the offloading of Stereogum Thursday, saying “an agreement has been reached with the leadership of the publication to buy the brand back, with founder and editor-in-chief Scott Lapatine remaining at the helm. Lapatine will also become CEO.”
14 Billion-Dollar Acquisitions Before AT&T-Time Warner (Photos)
Think $85 billion is a lot of cash? Take a tour through the lurid amounts of money dropped on American media and content machines over the years.
1999: Disney Buys ABC The alliance is such a potent brand that it's hard to imagine them as solo entities, but the $19.5 billion sale gave the Disney company an iconic TV brand to call its own.
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1999: Clear Channel buys AMFM Inc The radio giant paid $20.6 billion for its rival AMFM, their 830 radio stations, 425,000 billboards and 19 TV stations per Forbes.
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1999: Viacom Buys CBS Fifteen years ago, the media giant acquired the TV network for $34.1 billion. While the companies would split in 2006, always remember -- history repeats itself.
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2000: Time Warner and AOL Merge It's often referred to as one of the most disastrous mergers in history. The $186.2 billion price tag seemed visionary at the time, but quickly devolved into a corporate culture way... and the of the dot-com collapse.
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2006: Disney Buys Pixar In the first of a series of key moves from Disney CEO Bob Iger -- ones that would ensure long-term health and eventually see the company take record-breaking market share -- Steve Jobs was convinced to entrust the animation studio to them for a reported $7.4 billion.
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2009: Disney Buys Marvel Iger's $4 billion purchase of the comic book studio changed the industry, secured Robert Downey Jr. as the highest paid actor in Hollywood and made a new constellation of stars and film franchises.
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2012: Disney Buys Lucasfilm Bob Iger's hat trick was completed with a major coup in landing the "Star Wars" universe for $4 billion, which resulted in the No. 3 all-time top grossing film, "Star Wars: The Force Awakens."
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2013: Comcast Buys Remaining Stake in NBC After purchasing a majority stake in 2011 for $30 billion, Comcast paid another $16.7 billion to wholly own the TV brand, film studio Universal and its California and Florida theme parks.
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2013: Yahoo Buys Tumblr It's a relatively small price for a media acquisition, but spend-happy Yahoo CEO Marissa Mayer raised a lot of eyebrows by paying $1 billion for the blogging platform Tumblr.
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2014: Facebook Buys WhatApp While this is a straight-up tech acquisition, it's interesting to note that Facebook paid a staggering $22 billion for the European-based WhatsApp, a mobile application that lets users text for free over WiFi, to bolster their own messaging app. The company has repeatedly said it doesn't care to acquire content engines, but this signals a strong urge to level competition if they ever change their minds.
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2015: Activision Blizzard Buys King Mobile The video game company literally spent $5.9 billion on fun and games. Mobile game company King counts the most successful app of all time, Candy Crush, and legacy social games like Bubble Witch in its stable. Now Activision gets to develop properties like a just-sold CBS game show based on Candy Crush.
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2016: Comcast Buys Dreamworks After years of trying to offload his baby, Jeffrey Katzenberg fetched $3.8 billion for DWA and its respective franchises, like "Kung Fu Panda."
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2015: Dalian Wanda Buys Legendary Entertainment A production company fetching $3.5 billion in a sale was not just jaw-dropping, it was an airhorn that the Chinese invasion into Hollywood had begun. It's also currently the benchmark for what many call inflated valuation... but Wanda's pockets are as deep as their patience is long.
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2016: Verizon Buys Yahoo In a major deal that’s yet to formally close, Verizon is ponying up $4.83 billion for Yahoo’s core business, which includes advertising, content, search and mobile division.
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From Disney-ABC to Wanda and Legendary, a look back at major media deals with staggering price tags
Think $85 billion is a lot of cash? Take a tour through the lurid amounts of money dropped on American media and content machines over the years.
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