SpinMedia, the publishing company responsible for Spin, Vibe, and Stereogum, among others, has new owners. Re/code reports that SpinMedia Group has obtained SpinMedia LLC as part of an “assignment for benefit of creditors,” a legal process similar to a bankruptcy filing. Since it now belongs to private equity fund MC Partners, the company behind SpinMedia Group and one of the original investors in SpinMedia LLC, the latter now has $10 million in financial backing with which to repay old debtors and lenders, according to CEO Dale Strang.
Along with MC Partners, some of the original investors are still involved, including Focus Ventures and Anthem Ventures (Redpoint Ventures, which contributed a $15 million influx of funds last year, is not involved). They are joined by TDF Ventures, which has not backed SpinMedia before.
In its new incarnation, the company will continue to operate its current properties with a newfound focus on social and mobile, Strang adds. No more staff cuts are planned; in fact, SpinMedia has added a chief revenue officer, Tom Morrissy, previously of video ad network Selectable Media.
This development comes shortly after the news that the financially-strapped SpinMedia brought on U.S. investment bank and asset management firm Piper Jaffray to explore venture cash options. “We expect to be profitable on a quarterly basis in 2014,” Strang said of the acquisition.