Group Nine Media said Monday that it has reached a definitive agreement to acquire POPSUGAR Inc., a lifestyle digital media company that caters to millennial women, in an all-stock transaction.

Why it matters: It's the latest media mega-merger between two venture-backed companies that are looking to consolidate for survival. Vice Media acquired Refinery29 last week for a reported $400 million.

By the numbers: The acquisition values POPSUGAR at $300 million and the combined company at $1 billion, per the Wall Street Journal.

  • Group Nine recently raised $50 million from Discovery, bringing its total amount raised to $190 million at a valuation of over $600 million, per the Journal.

Yes, but: Private company valuations exist only because certain investors say they do at a certain point in time. There's no guarantee an acquirer or the public market will agree. 

Details: According to a statement, the purpose of the merger is to give the combined company more scale for selling digital ads. It will also help Group Nine build its commerce and events businesses.

  • Group Nine will acquire POPSUGAR's commerce business, its affiliate marketing business POPSUGAR Shop, and its popular event franchise POPSUGAR Play/Ground.

Be smart: POPSUGAR has remained relatively below the radar, given all the recent talk about media mergers over the past few months.

  • In a statement, POPSUGAR founder and CEO Brian Sugar said the company has reached profitability over the past few years.

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20 Republican former U.S. attorneys endorse Biden, call Trump "a threat to the rule of law"

Photo: Mandel Ngan/AFP via Getty Images

Twenty Republican former U.S. Attorneys on Tuesday endorsed Joe Biden while saying that "President Trump's leadership is a threat to rule of law" in the U.S., the Washington Post reports.

What they're saying: In the letter, the former prosecutors criticize Trump's use of the Department of Justice, saying the president expects the DOJ to "to serve his personal and political interests."

  • "He has politicized the Justice Department, dictating its priorities along political lines and breaking down the barrier that prior administrations had maintained between political and prosecutorial decision-making," the letter says.
Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Winter coronavirus threat spurs new surge of startup activity.
  4. Media: Pandemic causes cable and satellite TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.

Ted Cruz defends GOP's expected return to prioritizing national debt

Sen. Ted Cruz (R-Texas) told "Axios on HBO" on Monday that he wishes reining in the national debt was a higher priority for President Trump.

Why it matters: Trump pledged during the 2016 campaign to reduce the national debt and eliminate it entirely within eight years, though he also deemed himself "the king of debt" and said there were some priorities that required spending. In the fiscal year that ended in September, the deficit reached a record $3.1 trillion.