Why Gary Vaynerchuk’s Latest Buy Is a Big Deal
by Polina Marinova
If a publisher can act like an ad agency, can an ad agency act like a publisher?
Gary Vaynerchuk says yes. The social-media expert and founder of digital agency VaynerMedia announced Wednesday that he has purchased women’s lifestyle publisher PureWow for an undisclosed amount.
PureWow is the first media property of The Gallery, a newly formed sister company of VaynerMedia that will house a portfolio of media brands. PureWow founder and CEO Ryan Harwood will become The Gallery’s CEO.
The move bucks a growing trend of publishers such as The New York Times, Wall Street Journal, and Time Inc (the parent company of Fortune) investing in the fast-growing world of branded and sponsored content to make up for shrinking print ad revenues . In this case, the head of an ad agency is acquiring a publisher in the hopes of reaching its audiences at scale. Harwood believes the reason agencies haven’t been scooping up publishers in the past is entirely monetary.
“Typically, the creative agency hasn’t had the assets or resources in order to buy a media company,” Harwood says. “Fortunately, Vayner has been able to accomplish this.”
Gary Vaynerchuk (right) is acquiring Ryan Harwood's (left), PureWow. Courtesy VaynerMedia