January 19, 2022

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Vox Media Plans Merger With Group 9

Vox Media Plans Merger With Group Nine

Vox Media is in talks to purchase Group 9 Media in a deal that will merge two large digital media firms because the business continues to consolidate.

In an e mail to Vox Media workers on Monday, which was seen by The New York Occasions, Jim Bankoff, the chief govt of Vox, mentioned that the corporate was in “superior discussions” to amass Group 9.

“Their group is robust and complementary to ours in lots of areas, from the matters they cowl and the audiences they serve to the codecs during which they inform tales and the platforms they inform them on,” he mentioned within the e mail, including that the mixed firms can be “the clear chief in fashionable media.”

Mr. Bankoff despatched the e-mail after The Wall Road Journal reported news of the possible deal.

Vox Media, which was co-founded by Mr. Bankoff in 2011, is the writer of Vox.com, The Verge and SB Nation. It purchased New York magazine and its associated web sites in 2019. Group 9 operates the approach to life web sites PopSugar, the Dodo, Thrillist and Seeker.

Mr. Bankoff mentioned within the e mail that Group 9 had greater than 240 million social followers and greater than 6 billion video views every month.

“The enterprise rationale behind this merger is to develop income, improve scale and mix these extremely highly effective and complementary portfolios,” Mr. Bankoff mentioned within the e mail.

He added that the deal was not but signed, “however we anticipate it will likely be shortly.”

“Between now and when the deal closes, in early 2022, we might be working as two fully separate firms,” he mentioned.

Mr. Bankoff added that Ben Lerer, the founder and chief govt of Group 9, would transfer onto the Vox Media board of administrators, including that there have been “no quick plans to go public.”

Digital media firms have been on the lookout for methods to pay again traders and compete towards Google and Fb in an more and more powerful promoting market. BuzzFeed, recognized for each its quizzes and its information reporting, went public final week by merging with a so-called blank-check firm. Its inventory, which opened on its first day of buying and selling on Dec. 6 at $10.95, was buying and selling on Monday at round $6.20.

Group 9 had beforehand indicated curiosity in going public, creating its own blank-check company, that are often known as a particular objective acquisition firm or SPAC, in December 2020.

A wave of consolidation has swept throughout digital media in recent times. BuzzFeed announced in November 2020 that it could purchase HuffPost from Verizon Media. In 2019, Vice Media acquired the ladies’s way of life writer Refinery29, and Group 9 purchased PopSugar.

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