Time Inc. and Zooey Deschanel are officially partners. According to The Wall Street Journal, the publishing giant has purchased Hello Giggles, the site founded by Deschanel, Sophia Rivka Rossi and Molly McAleer in 2011.
“We see great potential, because they haven’t had the capital to staff up for video or advertising at the levels they want,” president of People and Entertainment Weekly, Rich Battista, told the Journal. “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.”
Terms of the deal weren’t disclosed, but a source told the Journal Time Inc. likely paid $20 million.