Daily Mail sells US video sharing website

Daily Mail & General Trust, the owner of the Daily Mail newspaper, has sold its US video sharing platform Elite Daily to Bustle Digital Group for an undisclosed sum.

The sale is part of DMGT's strategy to concentrate its digital resources on MailOnline, particularly in the US using Snapchat Discover and on DailyMailTV, which will launch this autumn.

It said that in the six months to March, MailOnline’s revenue grew about 20% on an underlying basis, including underlying growth in excess of 25% in the US.

The London-listed company is currently reviewing is portfolio and said last December that it will reduce its stake in Euromoney, a trade publication, which would raise over £300m.

DMGT bought Elite in January 2015 in order to attract younger audiences but last year the company wrote down the value of Elite with a £25m impairment charge.

Elite will join Bustle Digital Group’s other platforms, Bustle and parenting platform Romper.