Paris-based digital publishing company Webedia agreed to buy majority stake in Dubai-based media company Diwanee for an undisclosed amount. French publisher who already operates several lifestyle publications in France, Brazil, Turkey, Germany and Spain, has also promised to inject another $5 million into the Arabic media company for an aggressive vertical and geographical growth.
Webedia owns many websites on fashion and glamour, like Purepeople.com or Puretrend.com, that attracts a total of 40+ million unique users. The acquisition of Diwanee represents an aggressive entry in the Middle Eastern digital markets and is expected to add another couple of millions to existing user base instantly.
French digital publisher has also promised to invest an additional $5 million into Diwanee to expand existing portfolio and boost product innovation and vertical diversification, says the official announcement by the Dubai company.
Founded in 2009, Diwanee Media Company today speaks to one of the largest and most engaged online female audiences across the Middle East, through its portfolio of premium sites (Yasmina.com, 3a2ilati.com, AtyabTabkha.com, and ecommerce site, Mooda.com) with contents ranging from fashion and beauty to pregnancy and cooking, all customised for the Arab women.
Hervé Cuviliez, CEO and founding partner of Diwanee states “This majority acquisition by Webedia will enable Diwanee to reinforce its position as a leader in the digital media sector in the region as well as fuel innovation and growth to allow us to continute to provide the highest quality content and state-of-the-art technology and advertising solutions to our clients.”
Guillaume Multrier, co-founder of Webedia, added: “Diwanee has all the elements of a successful player in the digital media space, a solid business model, strong management and a growing market segment. The capital injection is exactly what they needed to realize their potential. For Webedia, thanks to this operation, we are strengthening our position as a leader among digital media companies and continue with the Group’s development internationally”.
Though the money to be paid for the acquisition is not disclosed, Wamda predicts it to be in 8 digits.