Conde Nast buys indie rock tastemaker Pitchfork

Conde Nast, the media group behind influential magazines such as The New Yorker and Vanity Fair, said Tuesday it was buying the taste-making indie rock site Pitchfork.

Conde Nast, which did not reveal financial terms, said it was drawn to Pitchfork's youthful audience and social media strength as the magazine publisher looks to expand further its digital base.

"Pitchfork is a distinguished digital property that brings a strong editorial voice, an enthusiastic and young audience, a growing video platform and a thriving events business," Bob Sauerberg, the president and CEO of Conde Nast, said in a statement.

Ryan Schreiber, the founder and CEO of Pitchfork, said that the deal "will allow us to extend our coverage of the artists and stories that shape the music landscape on every platform."

Started in Chicago in 1996 at the dawn of the age of widespread Internet access, Pitchfork has become a kingmaker in its reviews and news on bands, particularly niche artists on independent labels.

Pitchfork has since expanded into the rapidly growing festival market, throwing annual concerts in Chicago and Paris, and has branched into print with the quarterly The Pitchfork Review.

With the rise of digital music, online sites have grown in influence and are often the first source for music lovers looking to discover new material.

Conde Nast, based in New York, also publishes men's magazine GQ, fashion magazine Vogue and technology magazine and news site Wired.