Today, Discovery Communications announced it is making a $100 million investment in a new digital holding company called Group Nine Media. The company combines several existing online publishers, including Thrillist, NowThis, The Dodo and Seeker.
Thrillist CEO Ben Lerer will become the new CEO of Group Nine Media, which will work in a strategic partnership with Discovery through content and ad sales across TV, online, social media and live platforms.
Discovery’s investment in these digital assets follows on a recent trend of corporate networks investment in new media, and subsequently adapting to shift the media landscape. Last year, NBCUniversal invested $200 million in both BuzzFeed and Vox media. This year, Time Warner led a $45 million investment in Refinery 29 and a $15 million funding in Mashable.
Capitalizing on Discovery’s strong foundation and capabilities across editorial, tech, data and monetization abilities, the company’s investment will fund growth across all of these areas of the business for each media brand. Specifically, the investment is expected to fuel the expansion of the sales team and branded content studio at Group Nine Media, along with new vertical launches and expansive content development for all of its brands.
“This is truly a ‘win-win’ scenario, allowing our brands the opportunity to remain independent and build our own future, while at the same time, having the support of one of the best media and entertainment companies in the world,” said Ben Lerer, CEO of Group Nine Media, in a statement. “Each of our brands has found great success independently, but with consolidation of digital content companies around the corner, there is extraordinary value in all existing under one multi-brand roof. We will be stronger brands working together – we will have more influence; we will have better data and insights; we will be better partners to our advertisers; and most importantly, we will be substantial enough to make a real difference and stay ahead of the market.”
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