Vox Media, publisher of New York Magazine, is acquiring Group Nine, whose brands include Popsugar, NowThis, Thrillist and Dodo.
The deal is expected to close in early 2022 and is also separate from the special purpose acquisition company (SPAC) that Group Nine formed last year. Financial terms were not disclosed.
Jim Bankoff will be the CEO and chairman of Vox Media, which he also co-founded. Group Nine founder and CEO Ben Lerer will join Vox Media’s board of directors and maintain a presence at the company.
“Under Ben’s management, Group Nine has transformed from a rudimentary start-up to one of the largest and most successful publishers in the industry. Like ours, their team has proven to be a leader in both building cherished media brands from the ground up as well as successfully acquiring and integrating properties. With this acquisition, Vox Media will expand its leadership into new categories, formats and distribution platforms by welcoming more beloved properties into our portfolio, Vox Media CEO and President Jim Bankoff said. “Our combined company will be the premier home for creators, storytellers, journalists, product innovators and business people looking to grow their careers and make an impact through work. their. This acquisition will build and accelerate the leading edge of innovation and business that both companies have achieved. “
Lerer added: “We couldn’t be more excited about the opportunity to partner with Vox Media. This combination not only generates unparalleled scale and revenue diversification, but also brings together some of the most popular brands, premium content, and creative and entrepreneurial talent in the world. There is no one I trust more to lead this company and the team I hold dear than Jim. Not only is he kind and fair, but also fearless and focused. This is the beginning of our most exciting chapter,” said Ben Lerer.
https://wwd.com/business-news/financial/new-york-magazine-publisher-vox-media-acquires-group-nine-1235017514/ New York Magazine Publisher Vox Media Acquires Group Nine – WWD