Vox Media Expected to Merge with Group Nine Media
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, reports Deadline.
“Multiple media outlets have reported an all-stock deal is imminent. 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,” reports Deadline.
Group Nine, whose brand include Thrillist and NowThis, is part-owned by Discovery Communications. In 2019, it acquired Pop Sugar. 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.
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. Companies that were growing spectacularly a decade ago have been retrenching and consolidating, adds Deadline.
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