Time Acquires HelloGiggles Site for Rumored $30 Million
Posted on October 22, 2015
Time Inc. has acquired the Hello Giggles website for about $30 million. The site is targeted at women and was founded in 2011 by Zooey Deschanel, Sophia Rossi and Molly McAleer.
Business Insider reports that the acquisition price was about $30 million according to a source. The website gets about 17 million visitors a month. Time sees the site as a good fit with People and Entertainment Weekly.
Time Inc. Chairman and CEO Joe Ripp says in a statement, "With its passionate, highly-engaged audience and quality editorial voice, HelloGiggles is a great fit for our entertainment portfolio, which includes People and Entertainment Weekly. We see the opportunity for HelloGiggles to continue to evolve and grow as a multimedia content business. The site provides strategic benefits including a contributor network that unlocks access to a new pool of editorial and creative talent, an expansive audience of highly-engaged consumers and experience in branded and native content solutions."
Zooey Deschanel said in a statement, "With Time Inc. as our partner, we'll be able to expand the HelloGiggles mission and inspire and support even more young women with a safe and positive media platform."
Hello Giggles has been partnered with People in offering advertisement packages since earlier this year. The site, located at hellogiggles.com, describes itself as a positive community for women. Some of the tabs include news, culture, friends, work, love and style.
Time has also announced the closure of All You. The All You closure and Hello Giggles acquisition were announced on the same day.