After two years of ownership, Daily Mail is selling Elite Daily to Bustle Media Group.
BMG includes the women-focused Bustle.com, as well as Romper, a site focused on millennial-aged parents, but with the acquisition comes a new name: Bustle Digital Group. The combined reach will grow from 50 million monthly unique visitors to an expected 80 million when Elite Daily is folded in.
Daily Mail acquired Elite Daily in January 2015 for a reported $40 million to $50 million. Recode reports Daily Mail took a $31 million loss on Elite Daily in December.
“Elite Daily is beloved by millions of readers, most of whom are young women, and their highly engaged audience will add further depth to Bustle Digital Group’s portfolio,” said Bustle Digital Group’s CEO, Bryan Goldberg, in a press release. “We see a tremendous opportunity to build off of Elite Daily’s strong capabilities in video, social and native advertising. We are thrilled to welcome them to the BDG family.”
The sale comes less than two weeks before the Digital Content NewFronts which includes Daily Mail among the presenters. Business Insider first reported the news.
Elite Daily will continue independently under its own masthead and will build upon its “quality written and video content for millennials across the United States and around the world,” Goldberg says.
“At Elite Daily, we have always admired Bustle Digital Group for its authentic editorial and focus on branded content for millennials,” said Emily Ingram, Elite Daily’s publisher.
“We bring millions of young women to Bustle each day, and so we are uniquely positioned to understand who they are, what they care about, what they aspire to, and what they want for themselves,” Goldberg told Adweek earlier this year when Bustle announced its new trend-reporting survey group.