Advertising giant WPP has joined forces with lifestyle-content producer Scripps Network Interactive to mount a $50m bid for Refinery29, a media firm focussing on millennial women in the US.
The fashion and lifestyle brand offers content, shopping solutions and social networking opportunities within this demographic with a range of advertisers signed up including Procter & Gamble, Revlon, Neiman Marcus and Luxottica.
Tom Bedecarré, president of WPP Ventures, said: “Refinery29 operates at the intersection of content, commerce and social media - all areas of focus for WPP Ventures. We're delighted to make this investment alongside Scripps.”
Founded in 2005 Refinery29 has grown to reach 25 million monthly unique viewers, one out of every four of its target market.