UMG-backed Buzznet continues to roll up independent music sites. The latest acquisition is Absolute Punk an “alternative music” (haven’t heard that phrase in a while) community site. The acquisition, for an undisclosed sum, follows recent acquisitions of Stereogum and Idolator, formerly a Gawker Media site. The acquisition helps Buzznet expand the areas it covers, and it gets a community of 500,000 fans. Absolute Punk will remain distinct, maintainings editorial control, with the benefit of added resources. Release.
AbsolutePunk founder and CEO Jason Tate explains more at his blog.