Group Nine Media

Last updated
Group Nine Media, Inc.
Company type Privately held company
Predecessor Discovery Digital Networks
FoundedOctober 2016;7 years ago (2016-10)
FounderBen Lerer
DefunctFebruary 22, 2022;2 years ago (2022-02-22)
FateAcquired by and folded into Vox Media
Successor Vox Media
Headquarters
New York City, U.S. [1]
Key people
Ben Lerer (CEO)
Brian Sugar (President)
Number of employees
415+ (2016)
Subsidiaries The Dodo
JASH
NowThis
PopSugar
Seeker
Thrillist
Website www.groupninemedia.com
Footnotes /references
https://www.axios.com/group-nine-popsugar-joint-leadership-team-6c53b3ad-2242-4179-a854-dbd6bb424e67.html

Group Nine Media was an American digital media holding company based in New York City. The company comprises Thrillist, NowThis, The Dodo, and Seeker. [2] [3] The four brands, and former brand SourceFed, merged to form Group Nine Media in October 2016. In October 2019, Group Nine Media acquired PopSugar. [4] In December 2020, Group Nine formed its own corporate SPAC to use the public funding for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. [5] In December 2021, Vox Media announced its intention to acquire Group Nine. The transaction was completed in February 2022, and Group Nine was folded into Vox Media. [6]

Contents

Ownership

At the time of the 2016 merger, Discovery Communications announced a $100 million minority investment in the collective organization, becoming the biggest shareholder before Axel Springer. Discovery also acquired the right to obtain a majority stake later if it so chooses. [7] In 2017, Discovery led a $40 million funding round in the digital media company. [8] Group Nine Media raised $50 million in new funding in 2019, led by its lead investor Discovery along with participation from German publishing firm Axel Springer. [9]

Ben Lerer, founder of Thrillist and managing director of Lerer Hippeau Ventures, is CEO of Group Nine Media. [10]

On 13 December 2021, it was announced that Vox Media would acquire Group Nine Media. [11] The acquisition was completed on 22 February 2022. [12]

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References

  1. ↑ "Group Nine Media Inc". Bloomberg. Retrieved November 22, 2018.
  2. ↑ Sternberg, Josh (May 3, 2018). "Group Nine Media's NewFront Was All About Obsession". Adweek – Breaking News in Advertising, Media and Technology. Retrieved November 22, 2018.
  3. ↑ Gutelle, Sam (May 3, 2018). "Seeker's New Space Channel Headlines Group Nine Media's Slate Of Fresh Content". Tubefilter . Retrieved November 22, 2018.
  4. ↑ Tracy, Marc; Lee, Edmund (2019-10-07). "PopSugar Acquired by Group Nine Media in Latest Digital Media Deal". The New York Times . ISSN   0362-4331 . Retrieved 2019-10-08.
  5. ↑ Ha, Anthony (15 January 2021). "Group Nine's SPAC goes public". Tech Crunch.
  6. ↑ "Vox Media Completes Acquisition of Group Nine". 22 February 2022.
  7. ↑ Barr, Jeremy (October 13, 2016). "Digital Publishers Come Together as Group Nine Media, Backed by $100 Million From Discovery". AdvertisingAge.
  8. ↑ Smith, Gerry (28 November 2017). "Discovery Leads $40 Million Round for Thrillist Owner Group Nine". Bloomberg.
  9. ↑ Spangler, Todd (2019-09-09). "Group Nine Raises $50 Million From Discovery, Axel Springer". Variety. Retrieved 2021-11-03.
  10. ↑ Sherman, Alex (November 17, 2018). "How a new breed of media companies is convincing people to pay for news again". CNBC . Retrieved November 22, 2018.
  11. ↑ "Vox Media to Merge with Group Nine, Home to Leading Collection of Multi-Platform Media Brands". Group Nine Media. Retrieved 2 February 2022.
  12. ↑ "Vox Media Completes Acquisition of Group Nine". 22 February 2022.
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