![]() In the deal to buy Group Nine, LionTree acted as financial adviser to Vox Media while White & Case acted as its outside legal adviser. Separately, BuzzFeed went public last week through a SPAC merger, but has had a disappointing debut as a public company: Shares have dropped 35% since they began trading Dec. “None of our existing editorial offerings or services will change as a result of this combination and we will be thoughtful about how we make decisions and treat people.”īankoff also said that “we have no immediate plans to go public, although we’ll always continue to evaluate opportunities that are in the best interest of all of our stakeholders, including our employees.” However, the SPAC is not part of the merger deal with Vox Media, the companies said.Ī team from Vox Media and Group Nine will “begin developing a thoughtful plan to integrate functions where it makes sense to do so,” Bankoff wrote in a memo to staff sent earlier Monday, after the Wall Street Journal first reported news that the companies were in advanced merger talks. The combined company is projected to generate more than $700 million in revenue in 2022 and more than $100 million in profit, per the Journal report.Įarlier this year, Group Nine established a special purpose acquisition company (SPAC) that raised $200 million, looking to acquire other digital media companies. This is the beginning of our most exciting chapter.” He is not only kind and fair, but fearless and focused. There is no one I would trust more to lead this company and the team I love than Jim. ![]() “This combination will not only create unparalleled scale and revenue diversification, it will bring together some of the most popular brands, premium content, and creative and business talent in the world. “We could not be more excited about the opportunity to join forces with Vox Media,” Ben Lerer said in a statement. The company is headed by Ben Lerer, founder of Thrillist and son of venture-capital investor Ken Lerer. Meanwhile, Group Nine was formed as a roll-up play in 2016, with backers that included Discovery, combining digital media sites Thrillist, The Dodo, NowThis and Seeker Group Nine subsequently bought comedy studio JASH and women-focused lifestyle brand PopSugar. Vox Media has made four other acquisitions this year: Cafe Studios, Preet Bharara’s podcast-centered media company Punch, a media brand covering drinks and cocktail culture Hot Pod, a publication covering the podcast industry and narrative podcast studio Criminal Productions. The company’s brands currently include Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, Polygon, Curbed, Grub Street, SB Nation, Intelligencer and Recode. In 2019, Vox Media acquired New York Media, publisher of New York Magazine, in an all-stock deal designed to gain synergies of scale. “Our combined company will be the premier home for creators, storytellers, journalists, product innovators and businesspeople who want to grow their careers and have an impact through their work.” ![]() “With this acquisition, Vox Media will extend its leadership into new categories, formats and distribution platforms by welcoming more beloved properties into our portfolio,” Bankoff said in a statement. Under the terms of the deal, Group Nine founder and CEO Ben Lerer will join the board of Vox Media and “maintain a presence at the company to help drive key strategic initiatives and advise on commercial and corporate development,” according to the companies’ announcement.
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