Modern Luxury claims it is now the largest luxury lifestyle publisher in the US, with 84 titles in 24 markets. Formerly Niche Media, GreenGale Publishing owned 17 lifestyle publications, including Ocean Drive, Hamptons and Vegas Magazine.
Modern Luxury is now in the top 20 resort markets in the U.S.
In cities where Modern Luxury and GreenGale publications overlap, such as in the Hamptons and Manhattan, some titles will shift their focus to younger audiences and specific themes, such as weddings, lifestyle and interiors. Modern Luxury says it has no plans to close any of the newly acquired titles.
“Our goal is to keep all the magazines up and running and to increase sales staff and editorial staff in those markets,” Modern Luxury CEO Michael Dickey told the New York Post.
Katherine Nicholls, the CEO of Greengale, will retire. Greengale CFO Jonathan Kushnir will become the CFO of the combined company, per the NYP.
Last year, Modern Luxury launched Silicon Valley magazine and rebranded Weddings. The company plans to launch Modern Luxury Palm Beach this November.
Separately, Bustle has acquired Elite Daily from Daily Mail, a surprising move considering Elite Daily has been in trouble for some time now.
The Daily Mail purchased Elite Daily in 2015, when the site had about 40 million monthly unique visitors. The once SEO-driven, click-bait articles were punished by new algorithms on social-media platforms — and its on-site readership was cut in half.
Bustle’s CEO Bryan Goldberg believes the property is still valuable despite its decline. “We see a tremendous opportunity to build off of Elite Daily’s strong capabilities in video, social and native advertising,” he stated.
Elite Daily produces original videos that generate about 60 million monthly views, Goldberg told Business Insider. Both sites are focused on millennial women.
Bustle is changing the name of its parent company to Bustle Digital Group. Its three properties — Bustle, Elite Daily and young-mom site Romper — could have a combined readership of up to 80 million unique monthly visitors.
Goldberg says Bustle has about 50 million readers, while Romper is nearing 10 million. Elite Daily could add another 20 million.