Bustle Digital Group acquires the Zoe Report
Bustle Digital Group is adding Rachel Zoe’s the Zoe Report to its portfolio, which includes the female, youth-oriented sites Bustle, Romper — which targets Millennial moms — and Elite Daily, which the company acquired last year. The addition of the Zoe Report, which stylist Rachel Zoe launched in 2009, presents Bustle Digital Group’s expansion into the higher-end luxury and fashion space.
“Strategically, for our business, it moves us into a new client base that helps us reach an additional set of readers who are a little more established, perhaps, in their careers and can consider a range of products including the high-end,†Bustle Digital Group ceo Bryan Goldberg said.
“Of course we are so proud of what we built, but I honestly can’t wait to be a part of the future of what the Zoe Report is about to become in terms of growth and reach and everything else that Bryan has proved ten times over that he does above anybody else in this business,†Zoe added.
Zoe will continue to own and operate her global lifestyle business, which includes the Rachel Zoe Collection, her namesake ready-to-wear, footwear and accessories line and style subscription box service.
The price, which was not disclosed, was a combination of cash and stock and Zoe, who will become a major shareholder of Bustle Digital Group, will retain the title of editor at large at the Zoe Report and will stay involved with the property. When the deal closes on April 1, employees of the Zoe Report will become Bustle Digital Group employees. The advertising sales operation will report to Bustle Digital Group chief revenue officer, Jason Wagenheim and editorial will report to Bustle Digital Group editor in chief Kate Ward.
“It started about six months ago as an idea that turned into a conversation that turned into a serious conversation. And in a fairly short period of time, we got a deal done. This deal just makes so much sense for both parties. This was as quick, obvious and friendly of a deal as you are going to see in the media industry. It’s just two parties who have known each other and really respected each other for a long time,†Goldberg said.
