In a deal to chase multimedia opportunities outside traditional print, Time Inc. has bought HelloGiggles, a website co-founded by actress Zooey Deschanel.
HelloGiggles reaches over 17 million monthly unique visitors. The women-focused site targets millennial readers with lifestyle stories on pop culture, beauty, and fashion. Financial terms of the deal weren't disclosed.
"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,” said Time Inc. Chairman and CEO Joe Ripp in a statement.
Time Inc. (time), which is also the owner of Fortune, has been making strategic investments outside its core business of print magazines to diversify as ad revenue falls for many traditional media outlets. Other investments have included Sports Illustrated Play, a venture devoted to youth sports, and the acquisition of inVNT, which manages live events for companies.
People and HelloGiggles already have a partnership together, which kicked off earlier this year. After the acquisition, co-founder and CEO Sophia Rivka Rossi is planning to remain in her role. Deschanel, an Emmy- and Golden Globe-nominated actress, best known for her work on Fox's New Girl sitcom, will continue to serve as chief creative officer of HelloGiggles. The company will keep is name and remain in its current headquarters in Los Angeles.