NEW YORK (CNNMoney) -- Fresh off a $30 million funding round, Internet publisher Cheezburger Network -- known for FAIL blog and LOLcats -- is expanding its New York presence by acquiring Know Your Meme.
Neither party would disclose financial details of the deal, which is rumored to be in the low seven figures.
The Web publisher known for inventing memes will now own a site dedicated to documenting them.
"There was a vacuum in our publishing portfolio," Cheezburger founder Ben Huh says. He believes Cheezburger's readers will benefit from the addition of a site that explains viral content and evolution of stories on the Internet.
So what exactly is an Internet meme?
If the answer is yes, you're familiar with a "meme" -- a catchphrase (think of Charlie Sheen's #tigerblood) or a concept that becomes a byproduct of the Internet, spreading through e-mails, blogs and social networking sites.
"We try to provide a coherent timeline on how these phenomena evolve and develop through conversation," says Know Your Meme editor Brad Kim.
Know Your Meme began as an extension of video blogging site Rocketboom.
Huh plans to expand the site's team of four employees, and to devote additional resources to building a data-based tracking system that will monitor trends from the moment they go viral.
"As Internet culture becomes greater and greater, we'll know much more about how culture is created because we'll have documented it," Huh says.
The acquisition is also a part of Seattle-based Cheezburger's expansion strategy.
Strong November U.S. car sales has industry poised to set a record for sales once December results are reported. More
Microsoft is enjoying a renaissance under the leadership of CEO Satya Nadella. The cloud strategy is paying off and the stock is not far from its all-time highs. But now comes the hard part .. living up to the hype. More
Have you heard of Harvey Mudd College? A degree from this small liberal arts school can cost more than a house, but grads earn about $92,300 a year after getting their degree. Google hired 11 Mudders last year. More