Zooey Deschanel’s Hello Giggles Acquired By Time Inc

On Monday, Time Inc announced that it has acquired mobile and social-first millennial women brand Hello Giggles, Entertainment Weekly said. Time shelled out USD 30 million to acquire the startup.

“We see the opportunity for HelloGiggles to continue to evolve and grow as a multimedia content business. The site provides strategic benefits including a contributor network that unlocks access to a new pool of editorial and creative talent, an expansive audience of highly-engaged consumers and experience in branded and native content solutions,” said Time Inc. Chairman and CEO Joe Ripp.

It has been believed that the acquisition is Time’s bid to gain a large chunk of the niche market share. Jezebel points out Time’s other online platforms geared for women, which are People, Entertainment Weekly, InStyle, and Essence, aren’t exactly doing well online as much as they did on print.

Hello Giggles gained notoriety in its target market not only because of its coverage about pop culture, beauty, relationships, fashion and other lifestyle stories, but it’s association to “New Girl” star Zooey Deschanel, who co-founded the site with Sophia Rivka Rossi, and Molly McAleer in 2011, Business Insider said. The acquisition resulted in a 500 percent return to its early-stage investors, which include Michael Pierce, Pritzker Group Venture Capital, and Third Wave Digital.