Time Inc. Acquires Millennial Lifestyle Brand HelloGiggles

Time Inc. has acquired the millennial lifestyle brand HelloGiggles, which was co-founded by actress Zooey Deschanel in 2011, the comapny said in a statement. HelloGiggles is an online community focused on mobile and social media with 17 million unique monthly users. Since the middle of this year, People magazine and HelloGiggles have partnered on advertising packages. Another HelloGiggles co-founder, Sophia Rivka Rossi, will continue in her role as chief executive, reporting to Rich Battista, executive vice president of Time. The company will remain in its Los Angeles headquarters and operate as a separate business. Time Inc. is down 23.1% for the year so far. The S&P is down 1.5% for the same period.