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Vinit Bharara, founder/CEO of Some Spider Studios. Photo: Some Spider Studios

BDG Media (formerly Bustle Digital Group) is acquiring Some Spider Studios, the media company home to parenting brands Fatherly, Scary Mommy and The Dad, the company announced Wednesday.

Why it matters: The deal will give BDG Media the scale it needs before exploring an IPO later this year via a SPAC (special purpose acquisition company.)

Details: According to Axios reporting last year, Some Spider Studios brought in an estimated $35 million in revenue last year, including $5 million in profit.

  • Some Spider Studios' properties will be wrapped into a new parenting portfolio within BDG that will also include BDG's parenting site Romper. The unit will be led by Emma Rosenblum, chief content officer, Lifestyle & Parenting. The publications' brands will remain separate and distinct.
  • As Axios has previously reported, the roughly 120-person company is run by Vinit Bharara. Bharara launched Some Spider Studios in 2014 with $5 million of his own capital after selling diapers.com, the site he co-founded, to Amazon for more than $500 million in 2010.

Bharara tells Axios he plans to depart the company upon its acquisition. "I plan on starting something new and exciting that involves my best friend and former co-founder Marc Lore, and a bunch of other people. Stay Tuned!"

  • According to a report from the Wall Street Journal, which broke the news, the deal values Some Spider Studios at $150 million.

The big picture: This is the ninth acquisition for BDG Media. The company also owns Bustle, Elite Daily, Input, Inverse, Mic, Nylon, Romper, W and The Zoe Report.

Go deeper: Bustle Digital Group formally rebrands as BDG ahead of anticipated IPO

Go deeper

Manhattan, Westchester prosecutors request evidence from Cuomo investigation

Gov. Cuomo during a press conference in New York City on Aug. 2. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

The district attorneys for Manhattan and Westchester County on Wednesday requested evidence related to New York Attorney General Letitia James' investigation into sexual harassment allegations against Gov. Andrew Cuomo (D), according to a letter obtained by NBC News.

Why it matters: The district attorneys are investigating if alleged conduct highlighted in an independent report published by James' office that occurred in their jurisdictions was criminal in nature.

Scoop: Buzzy media startup Puck launches in beta

Puck.news

Puck, a splashy new digital media company, is coming out of stealth mode, Axios has learned. The company debuted its landing page, puck.news, on Wednesday, and will officially launch its website in September.

Why it matters: The company has been quietly building a roster of top talent, but hadn't confirmed its branding or exact business plans up until now.

NOAA's updated hurricane outlook calls for even more storms in 2021

Hurricane Dorian seen on Sept. 2, 2019. Photo: NOAA

The National Oceanic and Atmospheric Administration on Wednesday updated its 2021 Atlantic hurricane seasonal forecast, slightly increasing expectations for the number of named storms and powerful hurricanes.

Why it matters: With the U.S. already reeling from extreme heat and wildfires, disaster response agencies are overstretched. A particularly destructive and active hurricane season could overwhelm some of its response capacity.