Discovery Communications said it has agreed to invest $100 million in a new digital content company, Group Nine Media, which consists of Thrillist Media Group, NowThis Media, The Dodo and Discovery’s digit network Seeker.
Merging of the millennial-focused brands will create in Group Nine Media one of the largest digital-first media companies. Axel Springer will maintain its investment as the second largest shareholder. Ben Lerer, CEO of Thrillist, will become CEO of Group Nine Media.
Discovery will have a strategic partnership with Group Nine Media.
“Today marks the start of a strong new company with tremendous brands, reach and scale,” said David Zaslav, CEO of Discovery Communications, in a statement. “The merger of these assets will bring together best-in-class management, led by Ben and his team, expertise in data analytics technology and global reach to create one of the world’s largest digital-first content companies attracting young passionate enthusiasts that advertisers want to reach.”