The deal values Hypebeast at $530 million and includes a $13.3 million private equity investment from celebrity backers, including Tom Brady and Naomi Osaka. The Wall Street Journal first reported the news.

According to a regulatory finding, in the six months to the end of September, Hypebeast posted a net profit of around $8 million.

Hypebeast did not immediately reply to BoF’s request for comment on the report.

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Hypebeast to Launch in Brazil

The launch of the Brazilian social media channel Hypebeast Brasil, expands the platform’s international presence beyond Asia, the Middle East and English-speaking markets.