SpinMedia has $10 million in new funding.
SpinMedia LLC was acquired by SpinMedia Group, which is basically the company acquiring themselves. This lets SpinMedia Group deal with SpinMedia’s debts.
Focus Ventures, Anthem Venture Partners, and MC Partners had money in the old SpinMedia, and have also put money into the new one. TDF Ventures is a new investor. Redpoint Ventures put money into SpinMedia last year, but has not funded the company’s new incarnation.
Adweek says SpinMedia CEO Dale Strang hopes to bring the company to profitability “early this year”.
The company is working on mobile responsive sites due to to the rise in traffic from mobile devices. SpinMedia is also focusing on their sites that have the highest growth opportunity, such as The Frisky, Stereogum, Idolator, Spin, and Celebuzz.
Vibe is SpinMedia’s only print publication, but Dale Strang says they might focus on bringing some of their other brands into print as well:
“There’s plenty of people who read Spin and would love to see that come back, but we also have similar interest around Stereogum and The Frisky”.
SpinMedia’s other brands include Brooklyn Vegan, Hype Machine, Gorilla Vs. Bear, Absolute Punk, XLR8R, Alter The Press, and Indie Shuffle (among others).