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It’s been a hell of a roller coaster ride for digital media company Mode Media these past few years. From an IPO that never happened to the company abruptly shutting down last September, Mode keeps popping up on our radar. Today, New York-based bridal advertising network BrideClick announced that it has acquired Mode Media’s U.S. and European assets for an undisclosed price. According to a spokesperson, it was at a significant discount on Mode Media’s one-time $1 billion valuation.
BrideClick has acquired the Glam, Foodie, Bliss, Tend, Brash, and Mode brands; intellectual property, including a social publishing and social media distribution technology; an ad server; and 100,000 pieces of content. The company will merge BrideClick with Mode Media to relaunch as Glam in September.
This does not mark the end of the Mode Media brand, however. The company had shut down its U.S. operations last September but announced in January that investment company Montaro had purchased Mode Media Japan. What’s more, Mode Media founder Samir Arora joined as executive chairman, and Ernie Cicogna, Mode’s former chief financial officer, has signed on as director.
BrideClick did not acquire Mode Media’s Japanese assets, and the company explicitly stated that it has no association with Mode Media Japan.
Prior to entering the process of assignment for the benefit of creditors (“ABC”), Mode Media was reportedly doing well financially. It had raised a total of $225 million since its founding in 2003, had more than $120 million in annual revenue, and was valued at about $1 billion. But as VentureBeat reported in March, a series of unfortunate events led to its sudden closure.
Founded in 2010, BrideClick currently has 10 employees, and the company will now hire an editor-in-chief, as well as sales and technology staff, in preparation for the September relaunch.
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