Hearst Corporation Acquires 20% Stake in Stylus Media Group
(Press Release) NEW YORK, NY and LONDON, March 28, 2012—Hearst Corporation today announced that it has acquired a 20 percent stake in Stylus Media Group, which provides business intelligence to consumer companies. The announcement was made jointly by Frank A. Bennack, Jr., CEO of Hearst Corporation, and Marc Worth, CEO and founder of Stylus. Financial terms were not disclosed.
Stylus tracks consumer behavior and cultural shifts across consumer industries, including automotive, technology, media, retail, fashion and hospitality. Stylus (Stylus.com) is used by design, marketing, branding and business development departments inside companies to stimulate new ideas about consumer products and services.
As part of the agreement, Kenneth A. Bronfin, president of Hearst Interactive Media, will join the Board of Directors of Stylus. The Interactive Media group will manage Hearst's stake in Stylus as it does with its numerous portfolio businesses.
Since its launch in September 2010, Stylus has grown to cover 20 sectors across 50 countries with a worldwide staff of 100. More than 200 major corporations have subscribed to Stylus data, including Saatchi & Saatchi, Starwood Hotels, Mulberry, Sony, Ford, Colombia Sportswear, The Container Store, Marks & Spencer and Interbrand. Its mission is to become a global leader in primary research, tapping into opportunities in emerging markets and meeting demand from business and design professionals for research and information.
Commenting on the acquisition, Bennack said, "For all businesses to be competitive, spotting the next trend can mean success or failure. We believe that Stylus offers information that no company should be without. The growth potential is very promising, as is the benefit to our own brands and businesses."
"This strategic partnership signals a wealth of new opportunities for Stylus," Worth said. "Hearst's global presence will help drive Stylus' business forward in Asia and Latin America as well as its core markets of U.S. and Europe. Hearst's investment in both technology and new media businesses makes it an ideal partner and will allow us to meet demand for cross-sector, cross-country design intelligence."