American digital media firm SpinMedia acquires itself, nabs $10M in funding
SpinMedia LLC has been acquired by SpinMedia Group for an undisclosed sum. In addition, the digital media firm has also received $10 million in new funding from investors to settle its debts, according to Digital Music News.
The SpinMedia Group is comprised of existing investors Focus Ventures, MC Partners, and Anthem Ventures. These firms have also invested in the new SpinMedia. TDF Ventures entered the group as a new investor. Redpoint invested in the media firm in 2013, but has not participated in SpinMedia's reincarnation this year, the report detailed.
According to Adweek, SpinMedia chief Dale Strang hopes to make the company profitable in early 2014, the report added.
Because of the high mobile traffic, the company is presently working on mobile responsive websites. SpinMedia is also shifting its focus on sites with the highest opportunity for growth. These sites include The Frisky, Idolator, Celebuzz, Spin, and Stereogum, the report said.
Although SpinMedia only has Vibe as its sole print publication, Strang says the firm might bring some of their brands into the print sector, too. These other brands include Hype Machine, Brooklyn Vegan, Gorilla Vs. Bear, Indie Shuffle, and Alter The Press, Digital Music News reported.