The acquisition, which comes on the heels of BuzzFeed going public, could lead to Vox Media doing the same.
, is set to close early next year pending regulatory approval; the combined company would bring in more than $700 million in revenue and more than $100 million in profit, according to the“The business rationale behind this merger is to grow revenue, increase scale, and combine these incredibly powerful and complementary portfolios,” Bankoff told staff in his memo.
The nature of the all-stock deal would leave Group Nine investors with a 25% stock in Vox Media; because Group Nine’s investors include Comcast, and Vox Media’s include Discovery, Recode’sthat “two of the biggest media companies in the world could end up with stakes in the same digital media operation.” Bankoff will lead the combined company, with Group Nine Chief Executivetaking a director role on its board.
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