Revere Digital, the parent company of Re/code, is being wholly acquired by digital media conglomerate Vox Media, reports New York Times. The financial details of the deal have not been disclosed but reportedly it has been an all-stock deal.
The acquisition also reflects the ongoing turmoil in the digital media industry focused on covering tech-news. The purchase, which was announced today, is the latest significant change in the digital media industry.
Re/code was launched by veteran journalists Walt Mossberg and Kara Swisher along with some of their colleagues from AllThingsD on January 2014. AllThingsD, which was founded in 2007 primarily from Wall Street Journal and rolled out as a separate entity on September 2013, had built a steady base of followers among technology executives.
However, as digital media companies began to focus more on news of Silicon Valley, Ms. Swisher in an interview said that it is really difficult to be a smaller fish in the sea where everybody else is bigger.
Gigaom, one of the oldest sites dedicated towards covering news of the Silicon Valley, closed down its shutters abruptly in March, citing financial issues as the cause. Another startup in the same line, Circa, is trying to sell off to a larger media house, failing to raise sufficient venture capital. Pando, another technology-based blog, is struggling with its existence even after a great start. In this scenario the acquisition of Re/code by Vox Media comes as an expected drive.
As reported by Re/code, the company currently engages 44 full-time employees and 3 contractual employees. Information about staffing alterations has yet to be announced by Vox.
The news is clearly a part of the ambitious plan of Mr. Bankoff to create a new organization for the digital age, which will be involved in publications of materials with appeal to an extended range of people.