4 media companies including Thrillist and NowThis have merged - and Discovery just poured $100 million into it
Ben Lerer, Thrillist's CEO, will be the CEO of Group Nine.
"The merging of these millennial-focused brands will immediately create in Group Nine Media one of the largest digital-first media companies," the company said in a press release.
Ben Lerer said the following in a statement: "Each of our brands has found great success independently, but with consolidation of digital content companies around the corner, there is extraordinary value in all existing under one multi-brand roof. We will be stronger brands working together - we will have more influence; we will have better data and insights; we will be better partners to our advertisers; and most importantly, we will be substantial enough to make a real difference and stay ahead of the market."
While Discovery's $100 million investment is a minority investment, it will have the option to buy a controlling stake, according to the company. Axel Springer will be the the second-largest shareholder in Group Nine.
Developing...
Disclosure: Axel Springer is Business Insider's parent company.
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