-- Media Brand Kicks Off Growth Strategy with Acquisition of Fashion Times LLC
NEW YORK, May 27, 2015 /PRNewswire/ -- IBT Media, a global news organization, today announced that it will be expanding its web properties across three key areas: health and wellness, technology and now fashion, beauty and design. The company is launching this initiative by acquiring Fashion Times LLC, a New York-based fashion media company. Terms of the deal were not disclosed and are subject to a definitive purchase agreement.
"Our existing properties have great momentum, making this the perfect time to focus on our portfolio strategy and bring Fashion Times LLC on board," said Etienne Uzac, CEO and Co-Founder of IBT Media. "As the media landscape continues to fragment, we want to play into many areas of interest. This marks an important step for IBT Media in that direction."
Fashion Times LLC operates five websites including Fashion Times and Fashion&Style. Under IBT Media's ownership, the properties will continue to operate as free news websites targeting consumers interested in fashion, beauty and design. Fashion Times LLC's staff will be relocated to IBT Media's headquarters in lower Manhattan in June.
"There's a lot of synergy between our flagship properties like Newsweek and International Business Times and our existing niche sites. Adding fashion, beauty and design to that mix will allow us to expand our reach while leveraging content for the flagship sites," said Johnathan Davis, Chief Content Officer and Co-Founder of IBT Media. "We'll be looking to expand and add even more properties in the coming months. We see this as an exciting and important opportunity to build our audience."
Fashion Times LLC's suite of websites will add to IBT Media's existing portfolio which includes Newsweek, International Business Times, Medical Daily, Latin Times and iDigitalTimes. IBT Media's properties currently reach over 90 million readers each month across 190 countries.
"Joining IBT Media creates many opportunities for our brands, while allowing us to continue offering the same quality coverage of the fashion, beauty and design space that our readers have come to know and love," added Jayne Mountford, President and Publisher of Fashion Times LLC.
About IBT Media
IBT Media is a global news organization, delivering news and insight to over 90 million monthly readers around the world. With innovations across its newsrooms and platforms, IBT Media engages a new generation of readers with content that speaks to their interests, analysis that serve their businesses and insight to make sense of a globally connected world. Properties include International Business Times, Newsweek, Medical Daily, Latin Times and iDigitalTimes. For more information, visit: corp.ibt.com.