Time Inc. announced today that it has purchased HelloGiggles, the pop culture/lifestyle site for millennial women co-founded by actress Zooey Deschanel.
The site was founded by Deschanel, Sophia Rivka Rossi and Molly McAleer in 2011 and has 17 million unique visitors monthly. Time Inc. Chairman and CEO Joe Ripp said that the site is the “perfect fit” for the company’s collection of entertainment sites, which also includes People and Entertainment Weekly.
“We see the opportunity for HelloGiggles to continue to evolve and grow as a multimedia content business,” Ripp said in a statement. “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.”
“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,” Deschanel added.
Rossi will remain CEO and will report to Rich Battista, Executive Vice President of Time Inc. and President of People, Entertainment Weekly and People en Español. Deschanel is staying on as Chief Creative Officer and the company will stay in Los Angeles.
Terms of the deal were not revealed, but a source told The Los Angeles Times that the deal could be worth over $30 million.
HelloGiggles, which hopes to bring a smile to readers’ faces, features content from paid contributors. The LA Times notes that they have actually sold a pilot to NBC and is developing a movie with indie studio Good Universe. Rossi has been looking to break into original video and it looks like this Time deal will help out.