Time Inc. Acquires Hello Giggles

Time Inc., the New York-based publishing company with over 90 magazines in its stable, has announced the acquisition of a lifestyle, pop culture and beauty website called Hello Giggles. Though the terms of the deal weren’t publicly disclosed, the WSJ reports that one source puts the deal in the $20 million range.

Hello Giggles was launched in May 2011 and was founded by none other than Zooey Deschanel, actress/musician and generally wide-eyed entertainment personality. Producer Sophia Rossi and writer Molly McAleer also founded the company alongside Deschanel.