Discovery Communications, which owns networks like the Discovery Channel and Animal Planet, became the latest TV company to invest in digital content in an effort to reach mobile viewers, reports Reuters.
The Reuters report, in part, added:
“Discovery invested $100 million in a new holding company, Group Nine Media, that combines millennial-focused online publishers Thrillist, a food, drink and travel brand; video news creator NowThis and animal video site The Dodo with its own digital assets, the company said in a statement.
“Through the deal, Discovery will have the option in two years time to acquire a controlling stake in Group Nine, which will be run by Thrillist CEO Ben Lerer, according to David Zaslav, CEO of Discovery.
“Discovery, like many traditional media companies, is working to get more of its content online as viewers increasingly go to their phones or other mobile devices to view programs. Discovery’s move comes months after Comcast Corp’s (CMCSA.O) NBCUniversal invested $200 million in online publisher BuzzFeed and Vox media.”