BDG, the parent company of Bustle, Nylon and W magazine, has closed a funding round with participation from Medici Capital Partners, according to an Axios report.
The cash injection will be used to help the media company enact its turnaround strategy to lure wealthier readers by reviving the print edition of Nylon and by hosting high profile events such as its Art Basel activation last year.
”We’re doubling down on what’s working and where we see the future of the company — creating moments-driven journalism across digital, print, and live events,” Bryan Goldberg, BDG founder and chief executive, told Axios.
Formerly Bustle Digital Group, the company rose to prominence in the 2010s, a time when mastering SEO and collecting page views was the key to growth in the media business. It went on an acquisition spree, picking up titles including Gawker and The Zoe Report.
Since then, however, the ad market has only gotten more competitive, and the company has undergone several rounds of layoffs and shuttered multiple titles. Reports surfaced in 2021, reports surfaced that BDG would go public via a SPAC, and again in 2022, that it would be acquired by private equity firm CVC Capital Partners, though neither came to fruition.
Learn more:
Bustle Owner BDG’s Plan to Survive the Online Ad Slump: Pivot to Luxury
Bryan Goldberg’s rollup firm has seen varied degrees of success in reviving its portfolio of well-known, if faded, media properties amid sweeping changes in the online publishing economy. Now, BDG is going after wealthier readers, starting with a revival of Nylon’s print edition.
