Discovery Communications (DISCA) said Thursday it has agreed to make a minority investment of $100 million and enter into a strategic partnership with Group Nine Media, a new media holding company including Thrillist Media Group and NowThis Media.
Axel Springer will maintain its investment as the second-largest shareholder. Ben Lerer, CEO of Thrillist, will become CEO of Group Nine Media.
“Today marks the start of a strong new company with tremendous brands, reach and scale,” said David Zaslav, president and CEO, Discovery Communications. “The merger of these assets will bring together best-in-class management, led by Ben and his team, expertise in data analytics technology and global reach to create one of the world’s largest digital-first content companies attracting young passionate enthusiasts that advertisers want to reach.”
The partnership between Discovery and Group Nine Media will include a commercial agreement that will enable advertisers to reach their desired audience via opportunities across multiple platforms including linear, digital, social and live events.