Tech

Vice Media to buy digital publisher Refinery29

Key Points
  • Vice Media LLC said it will buy Refinery29, an online publication focused on entertainment and lifestyle content for women.
  • The transaction reportedly valued the companies at a combined $4 billion.
  • Vice Media came under fire about its "boy's club" culture in 2017.
Nancy Dubuc, chief executive officer of Vice Media
Christopher Goodney | Bloomberg | Getty Images

Vice Media said on Wednesday that it will buy Refinery29, an online publication focused on entertainment and lifestyle pieces for women, aiming to strengthen its content across platforms.

The companies did not disclose the deal value, but the Financial Times reported that the transaction valued the companies at a combined $4 billion, citing people familiar with the matter.

The consolidation would help the online publishers to scale in the face of falling digital advertising rates.

In 2018, Vice Media named Nancy Dubuc as chief executive officer months after apologizing for allowing a "boy's club" atmosphere to flourish at the company.

In December 2017, the company fired three employees on reports that more than two dozen women experienced or witnessed sexual misconduct at the company.

It has since laid out steps to improve the work atmosphere for women, committing to equal pay for men and women by the end of 2018.

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Key Points
  • Smith, co-founder of the media site, confirmed Tuesday that he will become executive chairman and focus on content development and strategic deals.
  • CNBC reported Monday that Dubuc was leaving A+E and in advanced talks to join Vice.