Discovery Buys Minority Stake in Digital Content Holding Company Group Nine
Discovery Communications is buying a $100 million minority stake in just-formed media holding company Group Nine Media, made up of Thrillist Media Group, NowThis Media, Discovery's digital network Seeker and production studio SourceFed Studios, Discovery said in a news release…
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Thursday. Thrillist CEO Ben Lerer will become Group Nine CEO. Discovery said it's trying to broaden its millennial-targeting digital offerings. It said it has an option to later buy a controlling stake in Group Nine. Discovery said the investment will be used for expansion of Group Nine's sales team and branded content video.