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Condé Nast buys independent music site Pitchfork Condé Nast buys independent music site Pitchfork
(about 7 hours later)
US media giant Condé Nast purchased Pitchfork Media, operator of a popular independent music site in a deal that took immediate effect. US media giant Condé Nast has bought Pitchfork Media, operator of a popular independent music site.
The value of the deal was not disclosed, but could be worth tens of millions of dollars say experts. The value of the deal was not disclosed, but could be worth tens of millions of dollars, experts said.
Pitchfork is known for its independent voice in the music scene and promoting alternative artists.Pitchfork is known for its independent voice in the music scene and promoting alternative artists.
Condé Nast, publisher of Vogue and Wired, is looking to capitalise on the music outlet's young, growing audience. Condé Nast, publisher of Vogue and Wired, wants to capitalise on the music site's young, growing audience.
In a statement announcing the deal, Condé Nast's chief digital officer Fred Santarpia said: "The acquisition of Pitchfork reflects Condé Nast's continued belief in the power of authentic editorial voices to engage influential audiences at scale." Announcing the deal, Condé Nast's chief digital officer Fred Santarpia said: "The acquisition of Pitchfork reflects Condé Nast's continued belief in the power of authentic editorial voices to engage influential audiences at scale."
Pitchfork could offer Condé Nast growth in both online video and events, areas that are becoming increasingly important to publishers.Pitchfork could offer Condé Nast growth in both online video and events, areas that are becoming increasingly important to publishers.
It will be the first standalone music outlet for Condé Nast. It will be the publisher's first standalone music outlet.
Worthofweb.com estimated that the Pitchfork website alone is worth $82m. Worthofweb.com estimated that the Pitchfork website alone was worth $82m.
Pitchfork's fans took to twitter to express concerns that the deal would over commercialise the brand. Pitchfork fans took to twitter to express concerns that the deal would overcommercialise the brand.