According to a report from Billboard, the sale was completed at the end of August. It marks the first big move the company has made since rumors of SpinMedia being up for sale after losing an estimated $5 million a year.
Hive Media launched just last year. The future of the sites and staff remains unclear, per Billboard.
"We love Idolator, Buzznet and PureVolume and see a lot of potential in these music outlets. We seek to provide exciting experiences to the communities which are following those three entertainment properties," Hive Media CEO Markus Levin wrote to Billboard.
"We believe that we have a unique understanding of what our web communities are seeking, which enables us to create content and experiences uniquely catered to them," he added.
SpinMedia, known as BuzzMedia until their re-branding in March 2013, grew from its first blog, Buzznet, which launched in 1999. Idolator was acquired in April 2008 from Gawker Media and PureVolume was purchased in 2010.
In addition to Spin and Vibe, SpinMedia owns music sites Stereogum and Death & Taxes, as well as entertainment sites Celebuzz, The Superficial, Go Fug Yourself and The Frisky.
This week, SpinMedia hired Puja Patel as the new editor-in-chief of flagship music brand Spin. Pitchfork's Jeremy Gordon was hired as associate editor and former Gawker writer Andrew Cush as senior writer.When asked about the potential sale of the company at the time, a spokesperson told Publishers Daily that SpinMedia “retains financial advisers to consult on divestitures, acquisitions and strategic partnerships.”