Time acquires Zooey Deschanel's start-up HelloGiggles

"New Girl" actress Zooey Deschanel is giggling all the way to the bank.

Deschanel's positive lifestyle website, HelloGiggles, was acquired by Time Inc. While the financial terms of the acquisition were not immediately available, The Hollywood Reporter reported the deal is valued at around $30 million.

Zooey Deschanel
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HelloGiggles, co-founded in 2011 by Molly McAleer, Sophia Rivka Rossi, and Deschanel, is an online community for women that covers fashion, beauty, and pop culture topics. The website is becoming increasingly popular with its targeted female demographic, boasting more than 17 million monthly unique visitors.

"We see the opportunity for HelloGiggles to continue to evolve and grow as a multimedia content business," said Time Inc. CEO Joe Ripp in a statement. "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."

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Time Inc., which is also the owner of People and Entertainment Weekly, has made several strategic acquisitions recently to boost its entertainment portfolio and online presence. This year, Time Inc. purchased inVNT, a live event and branding company, and FanSided, a sports, entertainment and lifestyle network.

"With Time Inc. as our partner, we'll be able to expand the HelloGiggles mission and inspire and support even more young women with a safe and positive media platform," Deschanel said in the press release. She will continue to serve as the company's chief creative officer.