Daily Mail and General Trust plc (DMGT) this week announced the sale of Elite Daily (ED) to Bustle Digital Group (BDG).
Posted on: 19 April 2017 07:46
DMGT: "The sale of ED to BDG is another step in delivering a more streamlined group."
DMGT acquired ED in January 2015. Elite Daily publishes written and video content for millennials.
In December 2016, as part of its strategic review, DMGT announced that it planned to increase its portfolio focus. The sale of ED to BDG is another step in delivering a more streamlined group, unlocking value across the portfolio and focusing on major investment and growth opportunities such as DailyMail.com, says DMGT.
BDG’s focus on branded content and millennial audiences make it a suitable fit for Elite Daily. This will see the combined millennial reach of all brands in the Bustle Digital Group hit 80 million unique readers per month across the network, say the companies.
This change enables DMGT's consumer business dmg media to concentrate its energy and resources fully on its flagship US digital title, DailyMail.com and its ongoing commitment to expand and deepen its editorial offering and maintain its robust audience growth on the web, on Snapchat Discover and in particular on the challenge of producing the recently-announced DailyMailTV show that launches in the autumn of 2017.
The sale of Elite Daily means DailyMail.com can also refocus its US sales and marketing team on deeper, strategic commercial partnerships.
As a result of these changes, MailOnline moves a significant step closer to profitability.
According to DMGT, MailOnline recorded increases in the first half year of FY17 of over 25% in US revenues and approximately 20% in overall global revenues over the same period the previous year. Both numbers exclude the benefit of local currency performance against the UK pound.
After overseeing the transition of ED to its new owners, ED Publisher Emily Ingram will shortly be taking up a new role within DMGT.
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