VICE Media acquires women-focused digital media outlet Refinery29 for US$400m

VICE Media has acquired media and entertainment company Refinery29 and the deal is reported to be US$400 million, according to The Wall Street Journal which quoted its sources. The staff at Refinery29 will report to VICE CEO Nancy Dubuc, and according to WSJ, further leadership changes are reportedly not finalised.VICE aims to ramp up its global footprint and bring in new revenue streams with this deal, reported WSJ. Meanwhile, Refinery29 will remain as a brand within VICE's portfolio. Marketing has reached out to VICE for comment.The Refinery29 is a women-focused outlet and has a global audience footprint of 249 million across all platforms. The company recently launched initiatives such as short-film series dedicated to increasing opportunities for women in film; a project for better plus-size representation and equality; a festival of cause, culture and creativity called 29Rooms; a podcast that spotlights trailblazing women; as well as a channel created for, by and about black women in the US.The deal comes shortly after Vox Media recently bought over New York Magazine's parent New York Media. According to the agreement, the new Vox Media will boast multiple revenue streams including premium brand advertising solutions, affiliate commerce shopping, digital and print subscriptions, conferences and events, and a TV and audio studio. Vox Media chairman and CEO Jim Bankoff will remain at the helm of Vox Media, leading all aspects of the expanded company, while current CEO of New York Media Pam Wasserstein, will take on the new role of president, Vox Media.Read also: VICE Media creates genderless AI voice assistant to tackle bias and stereotype)