Hearst Magazines Buys Minority Stake in Gear Patrol to Ramp Up E-Commerce
Hearst Magazines is acquiring a minority stake in Gear Patrol, a digital and print publication focused on products and enthusiast communities, to help the company branch out into more e-commerce efforts to diversify revenue.
Gear Patrol is in the emerging crop of digital media companies that specializes in e-commerce, generating revenue by referring readers to products on websites like Amazon.com and collecting a cut of the sale.
Hearst and Gear Patrol, which announced the deal on Wednesday, declined to disclose the financial terms. The deal includes a provision to increase the investment, according to a person familiar with the matter.