Condé Nast acquires Pitchfork Media to boost digital revenue and host live events
Condé Nast has acquired music media platform Pitchfork Media in an effort to boost its digital revenues and offer opportunities to launch more live events.
The US Vogue and Wired publisher purchased the Chicago-based music platform which is known for its music news and reviews website, its quarterly magazine and festivals in the US and France.
The deal will increase Condé Nast’s online audience by five million and help its advertising reach more millennials thanks to Pitchforks popularity within the demographic.
Pitchfork founder and chief executive Ryan Schreiber said it was “is incredibly fortunate to have found in Condé Nast a team of people who share our commitment to editorial excellence”.
Schreiber added that the New York-based publisher’s “belief in what we do, combined with their additional expertise and resources, will allow us to extend our coverage of the artists and stories that shape the music landscape on every platform.”
Condé Nast president and chief executive Bob Sauerberg described Pitchfork as a “distinguished digital property that brings a strong editorial voice, an enthusiastic and young audience, a growing video platform and a thriving events business.”
Chief digital officer Fred Santarpia, who will run the site, the acquisition of Pitchfork “reflects Condé Nast’s continued belief in the power of authentic editorial voices to engage influential audiences at scale.”
Condé Nast also owns social news site Reddit which it purchased in 2011.
The financial terms of the latest deal have yet to be disclosed.