The Hollywood Reporter-Billboard Media Group has reached agreements to sell SPIN and Stereogum, Billboard reports. SPIN has been acquired by Next Management Partners, a “private equity firm that specializes in digital media.” The firm will “assume all assets and has engaged the current team to continue publishing.” Stereogum, meanwhile, will be sold to founder and current editor-in-chief Scott Lapatine, who will take on the role of CEO.
“It’s been a privilege to watch Stereogum grow over the past 18 years—the site saw record traffic in 2019—and I’m thrilled about our next chapter as an independent, music-only publication,” Lapatine told Billboard. “Also, launching later this year, a robust new user experience will be sure to delight and infuriate Stereogum’s dedicated commentariat in equal measure.”
The Hollywood Reporter-Billboard Media Group acquired SPIN and Stereogum in December 2016. The company acquired hip-hop magazine Vibe in that same deal and still maintains ownership of that brand.
Originally Appeared on Pitchfork