- Discovery Communications Invests $100 Million
- Includes Thrillist Media Group, NowThis Media, The Dodo and Discovery Communications’ Digital Network, Seeker
New York – October 14, 2016 – Cooley advised Thrillist Media Company, NowThis Media and The Dodo on their agreement to form media holding company Group Nine Media with Discovery Communications. In connection with the transaction, Discovery is making a minority investment of $100 million, contributing its digital network, Seeker, and entering into a strategic partnership with Group Nine Media.
Thrillist Media Group CEO Ben Lerer will be the CEO of Group Nine Media, and the brands will remain editorially independent. Discovery will have the right to purchase a controlling stake in the company in the future.
“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.
According to the Discovery Communications’ press release, Group Nine Media will become one of the five largest US-based digital media companies, generating more than 3.5 billion global monthly video views.
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"Discovery Communications Invests $100 Million in Newly Formed Group Nine Media," Economic Times Tech
"Discovery Investing $100 Million to Merge Thrillist, NowThis, The Dodo in New Digital Venture," Yahoo Movies
"Discovery Investing $100 Million to Merge Thrillist, NowThis, The Dodo in New Digital Venture," Variety
"Discovery’s Next Big Bet is on a Website That Doesn’t Even Have a Home Page," TheStreet