After weeks of speculation, Time Inc. has made it official and acquired xoJane and sister site xoVain from Say Media.
The New York-based magazine publisher did not disclose details of the deal Tuesday.
The acquisition is one of a string of deals by Time Inc., which looks to add Millennial readers in order to bolster its advertising revenue, among other things. It’s a common theme in the publishing world as of late. For instance, this month, Condé Nast bought Pitchfork Media, and Hearst bought Lena Dunham’s Lenny, and it invested $21 million in Complex Media.
For its part, Time Inc., which publishes Fortune, People and InStyle, bought Hello Giggles, the lifestyle, pop culture and beauty site founded by actress Zooey Deschanel. Although the terms of that deal weren’t disclosed either, news reports put the purchase of the site at about $20 million.
Over the summer, the publisher bought three digital companies, League Athletics, SportsSignup and iScore, to expand on its Sports Illustrated brand. In May, Time Inc. also acquired FanSided, a sports entertainment network of more than 300 Web sites.
Tuesday’s acquisition of Jane Pratt’s sites will bolster its reach among young women, the company said. Pratt, who launched xoJane in 2011, and xoVain in 2013, will continue as editor in chief. She and her editorial team will join Time Inc., and report to vice president and general manager of Time Inc. Style Network Deborah Marquardt. XoJane and xoVain will remain on Tempest, Say Media’s publishing platform.
Pratt said the deal would allow her to expand on fashion, beauty and entertainment coverage.
Time Inc. executive vice president Evelyn Webster offered: “We are delighted to have the opportunity to serve this modern, inclusive community of women, increasing our reach in this important segment and providing our advertising partners with more access to targeted, engaged audiences.”