In a significant move that underscores the ever-evolving landscape of media and entertainment, Richelieu Dennis' Sundial Media Group (SMG) has recently acquired Refinery29 (R29), a prominent digital media platform focusing on multigenerational women. The acquisition, which adds another powerhouse to SMG's growing portfolio, marks a pivotal moment in the company's mission to reshape media for diverse audiences.
Refinery29, previously under the Vice Media umbrella, now joins the ranks of SMG's distinguished properties, which include Essence, Afropunk, and more. This acquisition not only broadens SMG's reach but also represents a strategic alignment of brands committed to serving the cultural, lifestyle, and commercial needs of diverse communities.
"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 Richelieu Dennis, founder of Sundial Media Group.
As part of the acquisition, Cory Haik, a seasoned executive with a long tenure at Vice Media, has been appointed as R29's CEO. This move underscores SMG's commitment to leveraging the expertise of seasoned industry leaders to drive growth and innovation within its properties.
"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 further commented.
Sundial Media Group, known for its vertically integrated approach encompassing media, technology, and experiential businesses, is also deeply involved in initiatives such as the Global Black Economic Forum (GBEF), the Academy For Advancing Excellence, and the New Voices Foundation. The addition of Refinery29 strengthens SMG's position as a leader in culturally relevant media and entertainment, poised to make a lasting impact.
"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," Essence shared in an Instagram post, reflecting the sentiment of unity and shared purpose within the SMG family.
The acquisition comes at a crucial time for Refinery29, providing a new chapter after a period of transition. Originally purchased by Vice Media in 2019, Refinery29 faced challenges amid its parent company's own corporate restructuring. However, under SMG's stewardship, Refinery29 will operate as a standalone entity, enabling it to continue its mission of delivering impactful content to its audience.
Though specific financial terms of the deal have not been disclosed, this acquisition symbolizes a significant step forward for both Sundial Media Group and Refinery29. With a shared commitment to cultural relevance, diversity, and innovation, this partnership is poised to reshape the media landscape and amplify diverse voices in the digital age.
