BuzzMedia, which publishes Idolator, Stereogum, AbsolutePunk and KimKardashian.com, among other properties, plans to announce Tuesday that it is acquiring Spin magazine, according to a source inside one of the two companies.
A report that the company would buy the 27-year-old publication, which has changed hands several times over the years, was published in AdAge last month. Spin has been focusing on digital growth over the past several months, beefing up its online staff and increasing emphasis on news and commentary.
For its part, BuzzMedia has been increasing its presence in music over the past several months, hiring former Village Voice Media director of new media Bill Jensen as VP/GM for music, among other hires. The company bought longrunning dance-music title XLR8R late in May.
According to the source, BuzzMedia will evaluate the viability of the print magazine, adding that there is an expectation that the September/October issue of the magazine - with a planned Azalea Banks cover - may be its last in print before becoming a digital-only brand.
Billboard.biz will have more on this situation as it develops.