Sundial Media Group is adding another media conglomerate to its portfolio.
According to a news release shared with AFROTECH™, Richelieu Dennis’ Sundial Media Group (SMG) has officially acquired Refinery29 (R29), a creative digital media and entertainment platform focusing on multigenerational women. The company previously belonged to the Vice Media umbrella.
“We’re very excited about the expansive ecosystem we’re building at Sundial Media Group. R29 is an incredible brand with a phenomenal team that will play an important role in reimagining how media serves the need for connection, culture, and commerce in these distinct, but complementary communities of the New General Market,” said Dennis in a press statement.
In addition to the acquisition, it has also been announced that Cory Haik will serve as R29 CEO and the company will operate as a standalone business within SMG.
“We’ve been admiring the work of this R29 team for a while, and we’re excited to see what they will now do within SMG, and with Cory officially in the CEO seat,” Dennis also said in a statement.
SMG is a vertically integrated media, technology, and experiential business, which is home to Essence as well as Girls United, Naturally Curly, Afropunk, Beautycon, Essence Studios, Essence Festival of Culture, and Soko Mrkt. The media group also works alongside the Global Black Economic Forum (GBEF), the Academy For Advancing Excellence, and the New Voices Foundation.
“On behalf of #EssenceVentures, a division of Sundial Media Group (SMG), we are excited to welcome Cory, the Refinery29 team, and their community to the SMG Family,” Essence shared in an Instagram post. “While we recognize and will maintain the unique offerings of each brand, we will also activate the synergies that unite us around shared impact and implement those with care and authenticity, now and for generations to come.”
At this time, the specific terms of the deal have not been disclosed.
