Buzzmedia Raises $15 Million, Rebrands As SpinMedia
Buzzmedia is a digital media company that has around 45 pop culture websites under their umbrella such as Stereogum, Celebuzz, Idolator, and XLR8R. The company recently cut their staff by about 20% and has rebranded their company name to SpinMedia. The name SpinMedia comes from “Spin Magazine,” which is a publication that Buzzmedia acquired last year. SpinMedia stopped the print publication, but still maintains the publication’s website. Today the company also closed on $15 million in funding.
“Spin is a brand that is synonymous with cutting edge, contemporary culture,” stated SpinMedia CEO Steve Hansen in an interview with the LA Business Journal. “We think we needed to do a better job of communicating to our ad partners what we are really all about. I think Spin can extend beyond music into lifestyle and contemporary culture.”
Despite the layouts, SpinMedia plans to hire more people in marketing, product, technology, and editorial departments. The company currently has around 200 employees. SpinMedia also launched a new celebrity news website for “tweens” called Hearts & Foxes.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry