In a strategic move within the media landscape, Richelieu Dennis and the Sundial Media Group, the parent company of Essence magazine, has announced its agreement to acquire Refinery29 from Vice Media. This acquisition marks a significant development, providing Refinery29 with a lifeline following a period of uncertainty during its tenure under the Vice Media brand. The deal underscores Sundial Media Group’s commitment to expanding its presence in the cultural and lifestyle sphere, particularly focusing on the needs of women of color.
Sundial Media Group, through its venture capital arm Essence Ventures, has long been dedicated to serving the cultural and lifestyle interests of women of color. The addition of Refinery29 to its portfolio will not only broaden its reach but also enable it to tap into content that intersects culture and commerce, as stated in Sundial’s official statement. Refinery29 is slated to operate independently within the Sundial Media Group, maintaining its distinct identity and voice.
The appointment of Cory Haik, a seasoned executive from Vice Media, as the CEO of Refinery29 signals a strategic leadership transition aimed at leveraging her expertise to propel the platform’s growth and amplify its female-centric narrative.
This acquisition is part of Sundial Media Group’s broader strategy to diversify its holdings and strengthen its position in the media industry. Founded in 2017, Essence Ventures expanded its footprint with the acquisition of Essence Communications from Time Inc. in the subsequent year, a move that included the renowned Essence magazine. Subsequent acquisitions, such as Beautycon in 2021, further demonstrated Sundial Media Group’s commitment to fostering a diverse and inclusive media ecosystem.
The purchase of Refinery29 by Sundial Media Group not only bolsters its portfolio but also underscores a shift in the media landscape. Vice Media’s decision to divest Refinery29 comes amidst its own restructuring efforts, including being acquired by a private investment firm following financial challenges. This divestiture aligns with Vice Media’s focus on its core strengths in content production and distribution.
Sundial Media Group’s acquisition of Refinery29 reflects a strategic alignment of values and mission. Both entities share a commitment to amplifying underrepresented voices and fostering inclusive narratives, particularly within the realm of women’s lifestyle and culture. The move positions Sundial Media Group as a prominent player in the media landscape, with a diverse array of platforms catering to varied audiences.
Essence magazine, a flagship property of Sundial Media Group, expressed solidarity and excitement over the acquisition of Refinery29, emphasizing the collective strength and potential for collaboration within the Sundial Media Group family. The acquisition marks a significant milestone for Sundial Media Group as it continues to champion diversity, representation, and community engagement in media. As the media landscape evolves, Sundial Media Group’s strategic acquisitions position it for sustained growth and impact in serving diverse audiences and communities for generations to come.
In a landmark development signaling the dynamic shifts within the media and entertainment landscape, Richelieu Dennis’ Sundial Media Group (SMG) has recently completed the acquisition of Refinery29 (R29), a leading digital media platform with a focus on diverse women across generations. This strategic acquisition further solidifies SMG’s expanding portfolio and represents a pivotal step in the company’s mission to redefine media for diverse audiences. Sundial Media Group continues to broaden its reach within the media industry.
As outlined in a news release distributed to AFROTECH™, Richelieu Dennis’ Sundial Media Group (SMG) has formally taken ownership of Refinery29 (R29), a dynamic digital media and entertainment platform dedicated to multigenerational women. Previously under the umbrella of Vice Media, Refinery29 joins SMG’s comprehensive array of media, technology, and experiential ventures, which include notable entities like Essence, Girls United, Naturally Curly, Afropunk, Beautycon, Essence Studios, Essence Festival of Culture, and Soko Mrkt. Additionally, SMG collaborates with the Global Black Economic Forum (GBEF), the Academy For Advancing Excellence, and the New Voices Foundation in its commitment to fostering inclusive and impactful initiatives.
