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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.

Go deeper:

Go deeper

White House, bipartisan group agree on infrastructure framework

Sens. Bill Cassidy (R-La.), Kyrsten Sinema (D-Ariz.), Lisa Murkowski (R-Alaska) and Mitt Romney (R-Utah) meet Wednesday to discuss infrastructure. Photo: Samuel Corum/Getty Images

The White House and a bipartisan group of senators struck a tentative deal on Wednesday for the framework of a roughly $1.2 trillion infrastructure package, Senate aides familiar with the negotiations told Axios.

What's next: The Senate group will brief President Biden at the White House on Thursday, though some details still need to be ironed out, the aides said.

Updated 42 mins ago - Politics & Policy

Gavin Newsom to face recall election

Photo: Jay L. Clendenin / Getty Images

Gov. Gavin Newsom (D) will face a recall election later this year, California's Secretary of State confirmed Wednesday.

Why it matters: This will be the second time in California's history that a gubernatorial recall campaign has succeeded in getting on the ballot, out of a total of 55 attempts, per Bloomberg.

America's child care sticker shock

Illustration: Sarah Grillo/Axios

Parents looking to return to the job market may find child care options have gotten pricier — and that's if they can enroll their kids at all.

Why it matters: The fate of the recovery partially relies on the return of parents who left the workforce to care for their children.