The Hollywood Reporter-Billboard Media Group announced on Thursday that it has signed a definitive agreement to acquire Spin, Vibe, and Stereogum, all of which are currently owned by SpinMedia, reports Billboard.
The new acquisitions help Billboard reach an online audience, expanding its brand on the internet to 45 million readers a month. The move fits in with an overall strategy employed by Billboard and affiliated organizations to target the online market.
SpinMedia CEO Stephen Blackwell will be named Chief Strategy Officer of the newly acquired company and will be responsible for overseeing a variety of aspects of the business.
“By making these storied brands part of our family, The Hollywood Reporter-Billboard Media Group will be able to fully capture the value of millennials and music, and continue to strengthen its leadership position in this critical arena,” said Media Group co-president John Amato.
The company proudly pushed the news on social media.
Some on Twitter aren't quite sure what to make of the acquisitions quite yet.