Spin Magazine Sells to Buzzmedia
UPDATED: The digital media company, which operates Kim Kardashian's website, plans to expand the Spin.com staff.
Spin Media and its music magazine, Spin, has sold to Buzzmedia.
Buzzmedia operates a cluster of pop culture websites including Celebuzz, Videogum, Idolator and Kim Kardashian's official blog. In its deal with Spin Media, the company is acquiring both Spin, the publication, and Spin.com, the website, as well as the brand's iPad app and events business, it said in an announcement Tuesday.
"(W)e at SPIN are so excited to join BUZZMEDIA, a company whose properties reach 120 million people a month," reads the release. "And they are investing not just in SPIN's content but also in our programming — in other words, they're giving us the tools to wow you with our storytelling."
"So what does that really mean for SPIN? What should you expect from us in the coming months? In a word, more. We are going to give you more news, more music, more reviews, more interviews, more opinion, more access to artists, more photography, and more video. And BUZZMEDIA's innovative publishing platform is going to help us reach a whole lot more of you."
The alterna-music title was launched 27 years ago, and in recent months, has phased out album reviews and halved the magazine's frequency to six issues per year amid a bigger focus on digital over print.
The financial terms of the deal were not disclosed, reports The New York Times. Spin was most recently purchased in 2006 by the McEvoy Group, a publisher, for somewhere in the ballpark of less than $5 million.
Buzzmedia plans to expand the Spin.com staff, according to the Times.
"Spin to us is more than a print magazine," Buzzmedia CEO Tyler Goldman told the paper. "It’s a great media company for storytelling around music and music culture. People are using multiple platforms to consume more content and context from the brands they believe in, and we see the ability for Spin to bring more storytelling to digital platforms."