Commission-free stock trading app Robinhood bought media company MarketSnacks, the company announced today, and is re-launching the acquisition's financial news podcast and newsletter as Robinhood Snacks. Joining the Robinhood team as managing editors of news are MarketSnacks co-founders, Jack Kramer and Nick Martell. Terms of the deal were not disclosed.
MarketSnacks had "tens of thousands of subscribers" two years ago, reported Fortune. Business Insider placed that number in the six figures. The company has syndication deals through Fidelity and Betterment, among others. The company was founded in 2012.
MarketSnacks' average user is in his or her 20s and 85 percent of subscribers are under the age of 36, according to Fortune. Meanwhile, Robinhood's average user is 32 years old and 50 percent of the customer base is a first-time investor. Following the acquisition, the newsletters will be open to anyone, while the daily podcast will be accessible via the app and through podcast providers like Spotify.
To be clear, the acquisition and rebranding means Robinhood isn't launching its own publication, but it will be able to provide financial news to "millions of people every day," said Kramer and Martell in a Robinhood blogpost. Robinhood Snacks will also have access to investor data, providing insights to other users on the platform.
The duo will be relocating from New York City to Robinhood's headquarters in Menlo Park, Calif.