DMG Media, the Daily Mail’s publisher, has acquired viral news site Elite Daily.
The Daily Mail is reporting that it has acquired Elite Daily, which claims 74 million monthly unique readers.
Jon Steinberg, the CEO of Daily Mail North America, said “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.”
Elite Daily’s 24-year-old CEO, David Arabov, has written a post which explains the sale:
“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.”
The site has grown to a 65-person team since its launch 2012. It also boasts 3,000 contributors posting to the site, similar 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 $US1.5 million in funding in June as a convertible debt note from Greycroft, Vast Ventures, Red Sea Ventures, SocialStarts, and angel investors. It’s currently unknown what price DMG Media paid for the company.