Condé Nast, a publishing company behind Vogue and The New Yorker has acquired Pitchfork Media, an online music magazine, announced Condé Nast’s president and CEO Bob Sauerberg. The financial terms of the deal has not been disclosed.
Founded in 1996, Pitchfork has become a big player in the independent music scene, publishing music criticism and reviews online and its quarterly print product, The Pitchfork Review. The quarterly review magazine holds considerable weight for independent music followers, and have been credited with helping boost artists’ careers. The site claims to have 6 million unique visitors per month. It also hosts music festivals in Chicago and Paris every year.
Fred Santarpia, chief digital officer of Condé Nast said, “Pitchfork has established themselves as a leading voice in music journalism. From a business standpoint, they have got all the right pieces in place: a young, core, passionate audience; a growing video business and a profitable live events business.”
Sauerberg said, “Pitchfork is a distinguished digital property that brings a strong editorial voice, an enthusiastic and young audience, a growing video platform and a thriving events business. We look forward to bringing Pitchforkto the network of best-in-class brands of Condé Nast.
Further to the acquisition, Pitchfork will continue to operate as a separate entity as it always has along with some extra resources and technology from Condé Nast. Pitchform President Christopher Kaskie along with founder and CEO Ryan Schreiber will remain in the company. Kaskie said this sale is expected to enable the publication to widen its offerings and products in the market. He added, “As much as we have created a sustainable company for ourselves, we were maxing out in every area. The acquisition will allow us to evaluate things with fresh eyes and expand our editorial coverage.”
Schreiber also added, “Their belief in what we do, combines with their additional expertise and resources, will allow us to extend our coverage of the artists and stories that shape the music landscape on every platform. We are honored to become part of their family.”
Joe Mohen, a digital investor who has bought and sold a number of properties over the years said, “It’s a good deal for Condé Nast. But it may be better known by Generation X than millennials.”