Daily Mail Gets Hold Of Elite Daily – News Website For Millennials
DMG Media, the global media brand which owns DailyMail.com, announced on Friday that it has acquired the U.S. based cultural news website Elite Daily.
The online news publication, which was founded in 2012 by then-22-year-old David Arabov, boasts of 74 million unique monthly visitors around the world, and has since become one of the world’s leading news websites for people aged between 18 and 34.
The website was built with special focus to target the Millennial generation – Generation Y – which includes people born between the years 1980 and 2000. That is why its content is unique and innovative, and the prime name on advertisers’ target list.
On the other hand, DailyMail.com, the world’s largest English news website, is visited by 19.3 million American millennials per month. This means that both websites account for 50% of the millennial generation visiting either of the sites every month.
“We are delighted to announce this deal. Elite Daily has a unique and engaging voice on a diverse range of topics and we expect them to be the perfect complement to DailyMail.com,” Martin Clarke, Publisher and Editor in Chief of DailyMail said.
Jon Steinberg, CEO Daily Mail North America added: “This gives us the opportunity to invest in and grow two different but complementary media brands which together will have a reach that few can match.”
David Arabov, Elite Daily’s CEO has written a post regarding the match and referring to the acquisition as a “marriage.”
“This does not represent an end to our journey, but the continuation of our growth as a company to the stature we’ve always dreamed it would reach.” Arabov writes. “Our acquisition by Daily Mail has provided us the perfect opportunity to do just that.”
Abarov also made it clear that his basic aim of providing relevant content to the Millennials will not be disturbed, while explaining how he expects growth of the company to be ensured. According to the CEO, this “marriage” would allow Elite Daily to continue to flourish as a platform for and by Millennials, giving them an opportunity to expand internationally, and to grow their staff.
The site has grown to a 65-person team from just six since its launch. Elite Daily now has 3,000 contributors posting to the site, which is similar in number to BuzzFeed. The Daily Mail report on the acquisition says that over 70% of Elite Daily’s readers are aged between 18 and 34.
Elite Daily raised $1.5 million in funding in June as a convertible debt note from Greycroft, Vast Ventures, Red Sea Ventures, SocialStarts, and angel investors. However, the exact price paid by DMG Media for Elite Daily is still unknown.