Reductress, an online satirical magazine focused on women, has been bought by Meena Harris’ media firm for an estimated eight-figure sum.
Through her media business Phenomenal Media, Harris, the niece of Vice President Kamala Harris, acquired the site.
On Wednesday, the businesses announced the agreement.
Financial information wasn’t provided, but industry insiders told DailyMail.com that Phenomenal Media most likely paid ‘in the low to mid-eight figure range as a combination of private stock and cash’ for the acquisition.
Reductress is a comedy podcast most recognised for its feminist themes and sarcastic criticism of sexist media that targets women. It was started in 2013 by comedians Beth Newell and Sarah Pappalard.
Harris’ business began in 2017 as a clothes and product line, but it has since moved into the media and entertainment sectors.
Phenomenal Media emphasises women and historically marginalised groups.
Reductress will help Phenomenal Media expand its presence in the entertainment industry, according to Harris, 37.
She asserts that the publisher’s contacts in the comedy community will be beneficial to Phenomenal.
The media analyst and attorney expressed her optimism that Reductress’s expansion into media other than digital, such as TV shows, live events, podcasts, and other venues, would be facilitated by the purchase.
According to Harris, “the aim is that we will be able to unleash so much more around the voice, audience, and comedy of Reductress, as well as continuing to build what Reductress has already been doing with and under the Phenomenal brand.” Harris said this to AdWeek on Wednesday.
According to Eric Schiffer, chairman of Reputation Management Consultants and CEO of the Patriarch Organization, the expected eight-figure transaction will also aid Harris in expanding the audience for Phenomenal.
According to him, “the arrangement gives Phenomenal and Meena the chance to feed her devoted following, who is eagerly expecting further items that are consistent with the brand’s ideals, and further builds an even greater energetic community.”
When Harris started selling t-shirts with political empowerment themes like “Sugar, Spice, and Repro Rights” in March 2017, she officially launched Phenomenal.
Harris had to increase operations because the apparel line immediately became popular.
She focused on her expertise writing for youngsters and started a book club that became the exclusive partner for the 1619 Project books.
By ‘putting the repercussions of slavery and the contributions of black Americans at the heart of the national narrative,’ Nikole Hannah-Jones, a writer for the New York Times, says the 1619 Project seeks to recast US history.
Brad Jenkins, a former executive producer of Funny or Die TV, and Harris teamed together to create Phenomenal Productions in December 2020.
She recruited Juliet Liu, a former NBCUniversal executive, in November of last year to manage the production company’s entertainment and programming.
The production firm, which is now engaged in 15 film, television, and theatre projects, has developed brand alliances that highlight women and underrepresented groups.
Previous collaborations with Phenomenal Media and Hill House includes a clothing collection for Netflix’s Bridgerton and an activation event for Prime Video’s The Summer I Turned Pretty.
Additionally, the business collaborated with producer Mindy Kaling on a Diwali event.
Reductress, which was founded in 2013, mostly made money from digital advertising, according to cofounder Pappalardo, who uses they/them pronouns, in an interview with AdWeek.
However, the publisher began largely relying on commerce products during the pandemic lockdowns, which officials claim dramatically boosted the business.
In the last year, Reductress’s income has increased, with 60% coming from retail sales and instructional satire-writing workshops.
According to Pappalardo, the firm will have a revenue of over seven figures when coupled with Phenomenal.
The founders of Reductress said, “There was always an awareness that there was a hard limit to what we could do as an independent firm. We established Reductress nine years ago.
We’ve been searching for a partner that shares our ideologies, so when Meena contacted us, we knew it was a fantastic fit.
Following Phenomenal’s purchase of the firm, Pappalardo and their crew will stay on board.
Co-founder Newell, who departed Reductress in the fall of 2020, doesn’t seem to be associated with the Harris transaction.