Webedia Acquires Majority stake in Diwanee
Dubai-based digital media company Diwanee has disclosed its majority acquisition by Webedia. There are no confirmed numbers yet, but rumors place the valuation between $20 million and $50 million, which makes this investment one of the biggest for a digital company in the Middle East. Webedia’s websites, which are mainly focused on fashion and glamour, receives over 40 million monthly unique visitors. Diwanee has over 5 million monthly unique visitors on its sites, which include fashion and beauty portal Yasmina. com, family portal 3a2ilati.com, fashion e-commerce site Mooda.com, entertainment portal Wikeez, and recipe site Atyabtabkha.com. Webedia will also inject an extra $5 million USD to help Diwanee bolster their expansion, share their big data analysis tools, and more.