Discovery Communications has invested $100 million in a new digital media company called Group Nine Media.
Group Nine includes Thrillist Media Group, NowThis Media, The Dodo and Discovery’s digital network Seeker and SourceFed Studios. Thrillist’s CEO Ben Lerer will now lead Group Nine as its CEO.
“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,” said Lerer, in an announcement. “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.”
Axel Springer is also a Group Nine investor and has a seat on the company’s board.
In the future, Discovery will have the option of purchasing a majority stake of the new company.