Hearst Ventures Makes Equity Investment in Science Inc.
NEW YORK, NY -- (Marketwire) -- 02/15/13 -- Hearst Ventures, a unit
of Hearst Corporation, and Science Inc. today announced a minority
equity investment by Hearst in Science Inc., a technology operating
company specializing in the creation and rapid scaling of digital
businesses. The joint announcement was made by Frank A. Bennack, Jr.,
CEO of Hearst Corporation; Scott Sassa, president, Hearst
Entertainment & Syndication, the group that operates Hearst Ventures;
and Michael Jones, CEO of Science. Financial terms of the investment
were not disclosed.
Science creates, scales and acquires successful digital businesses by
bringing together the best ideas, talent, resources and financing
through a centralized platform. Science, which has already started 13
companies, focuses on developing new businesses, providing emerging
startups with operational strategy and capital, and transforming
later-stage Internet ventures with new talent and innovations. As
part of the investment, George Kliavkoff, executive vice president
and deputy group head of Hearst Entertainment & Syndication, will
join the Science Board of Directors.
"Hearst is continually looking for smart investments that bring value
ence to the company -- our investment in Science does
both," Bennack said. "We're excited to partner with Science to
continue its trajectory of success, gain meaningful industry
knowledge and utilize Science's platforms for current and future
"Science has a broad suite of capabilities that allows it to quickly
evaluate and accelerate ideas," Sassa said. "We plan on using Hearst
assets to help Science portfolio companies and Science portfolio
companies to help Hearst assets. Mike Jones and Science's co-founding
team are excellent tech entrepreneurs who will bring important value
and learnings to Hearst."
Science was founded by seasoned startup professionals in November
2011 with Series A funding from several marquee venture investors,
including Eric Schmidt's Tomorrow Ventures, Rustic Canyon Partners,
and White Star Capital. Science's Jones is a long-time digital
entrepreneur and executive who most recently served as the CEO of
Myspace and successfully sold that business for News Corp. Prior to
Myspace, he had started and sold Userplane to AOL in 2006.
"Science's approach to business creation is to generate ideas
internally, identify the most compelling entrepreneurs and disruptive
startups, build and acquire the necessary products and team to
support the winning ideas, and rapidly scale," Jones said. "This
partnership with Hearst provides us working capital to incubate
additional businesses and strategically positions us to deliver
unparalleled services for today's most promising entrepreneurs.
Hearst has a long history of innovating in media and technology, and
the companies we work with can benefit from Hearst's diverse set of
global businesses and vice versa."
Based in Santa Monica, Calif., Science Inc. is a
technology studio that creates and acquires then scales successful
digital businesses by bringing together the best ideas, talent,
resources and financing through a centralized platform. Science
focuses on three things: developing new businesses, providing
emerging startups with operational strategy and capital, and
transforming later-stage Internet ventures with new talent and
innovation. The company has more than 13 investments with companies
like DollarShaveClub, DogVacay, Ellie, Uncovet and others. More
information about Science can be found at www.science-inc.com or
About Entertainment & Syndication
Hearst Entertainment and
Syndication, an operating group of Hearst Corporation, includes the
Company's cable network partnerships, television programming
activities, newspaper syndication and merchandise licensing
operations, and ventures investments.
About Hearst Corporation
Hearst Corporation (www.hearst.com) is one
of the nation's largest diversified media and information companies.
Its major interests include ownership of 15 daily and 36 weekly
newspapers, including the Houston Chronicle, San Francisco Chronicle,
San Antonio Express-News and Albany Times Union; hundreds of
magazines around the world, including Good Housekeeping,
Cosmopolitan, ELLE and O, The Oprah Magazine; 29 television stations,
which reach a combined 18 percent of U.S. viewers; ownership in
leading cable networks, including Lifetime, A&E, HISTORY and ESPN;
significant holdings in the automotive, electronic and
medical/pharmaceutical industries; a 50 percent stake in the global
ratings agency Fitch Group; Internet and marketing services
businesses; television production; newspaper features distribution;
and real estate. Follow us on Twitter @HearstCorp.
For Hearst Corporation:
For Science Inc.
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