Vox Media And Group Nine On Verge Of Merging Amid Digital Consolidation Wave

The deal, he said, is expected to close in early 2022. The merged company is projected to have $700 million in annual revenue, according to the Journal.
Vox Media, which owns digital brands like The Verge, Eater and Polygon as well as New York magazine, is in advanced talks to merge with Group Nine Media.
In 2019, it acquired Pop Sugar. Group Nine, whose brand include Thrillist and NowThis, is part-owned by Discovery Communications. It also recently formed a special-purpose acquisition company as a vehicle for potential deals, though the Journal reported the Vox deal did not involve the SPAC.
"While our combined scale is remarkable, it’s the passion that their teams put into their work that will make this combination a natural fit," Bankoff wrote in a note to employees, per multiple reports.
Bankoff co-founded Vox in 2011 as an umbrella entity for The Verge and sports brand SB Nation.” />
Companies that were growing spectacularly a decade ago have been retrenching and consolidating. Digital outlets, which have disrupted traditional print ones, have faced challenges in their advertising businesses. While traffic has risen and overall spending on digital is surging, Facebook, Google and lately Amazon have commanded the vast majority of that revenue.
The Wall Street Journal, which was first to report the discussions, said Vox would gain 75% control of the new entity. Vox Media CEO Jim Bankoff is in line to run the combined company and Group Nine chief Ben Lerer would be a member of the new board of directors. Multiple media outlets have reported an all-stock deal is imminent.

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