Vox Media announced on Monday, August 23, that it is buying Punch, a cocktail website founded by Bertelsmann SE’s Penguin Random House, part of a bid to deepen its coverage of food and drinks, reported Wall Street Journal.
The deal with Punch comes as Vox Media—owner of tech-focused website the Verge, current-events site Vox.com, and sports-focused SB Nation—is considering several options that would allow the company to finance further expansion, according to people familiar with the matter. Those options include going public through a special-purpose acquisition company, or SPAC, a traditional IPO, or raising additional funding, said the people familiar with the matter.
Talia Baiocchi, the founder and editor in chief of Punch, will join Vox Media and report to Amanda Kludt, editor in chief of the Vox Media food site Eater. In an interview, Ms. Kludt said she sees opportunities for collaboration between the two sites, including maps that help readers find the best food and drinks in their cities.
Several digital-media companies have explored going public this year to raise capital for acquisitions and provide venture investors with long-sought returns. Executives at Group Nine Media, Vice Media Group, and Vox Media have all considered SPAC mergers, and BuzzFeed has reached a SPAC deal that is slated to close later this year.
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