The Wall St. Journal reported that talks may not result in a deal, but that if one is made, it would unite two of the largest venture-backed media companies in the US.
Both media companies have struggled over the last year, laying off staff to appease investor expectations. Refinery29 has rebounded using that strategy and has diversified its revenue streams, the WSJ said. Refinery29 sells ads, licenses its brand, and creates and distributes video for its current streams.
For its part, Vice Media is looking to diversify its audience and generate new revenue streams.
Vice Media chief executive Nancy Dubuc, who came on board following a series of sexual harassment scandals at Vice, has been working to shore up the company and return it to profitability. More than half the company’s revenue comes from international businesses, the WSJ reports, and Vice is looking for a media partner to help expand its global news reach. Earlier this year, Vice consolidated several of its media properties in order to offset its declining audience reach. Still, the company’s various properties reach an estimated 300 million unique viewers each month.
Refinery29 sells ads, licenses its brand, and creates and distributes video.