Time Inc. acquires women’s website HelloGiggles
Time Inc. this morning confirmed that it had acquired the Los Angeles-based website HelloGiggles, which bills itself as “a positive online community for women.”
“HelloGiggles’ trusted content, highly-engaged consumer and quality, scalable contributor network makes it a natural and strategic fit for extending our reach, particularly for our entertainment network that includes People and Entertainment Weekly,” said Time Inc. CEO Joe Ripp and Executive VP Rich Battista.
The Wall Street Journal speculated that the sale price was “in the range of $20 million.”
HelloGiggles was launched in 2011, and was co-founded by actress Zooey Deschanel, CEO Sophia Rivka Rossi and Molly McAleer. Rossi will continue to be CEO after the acquisition and will report to Battista, who is President of People, Entertainment Weekly and People en Español. Deschanel will remain as Chief Creative Officer.
“We see great potential, because they haven’t had the capital to staff up for video or advertising at the levels they want,” Battista told the WSJ. “This will also enable them to add more writers and editors. We think they’ll be able to expand into TV, movies, books, e-commerce and events.”
The young women’s website had previously partnered with People on custom integrated advertising packages, Time Inc. said. “Throughout our collaboration, we have been very impressed with the talented team and the business they have built,” Time Inc.’s executives said.