Discovery Communications Invests $100M In Goup Nine Media

Discovery Communications "has agreed to make a minority investment" of $100M and enter into a "strategic partnership with Group Nine Media," according to Robert Briel of BROADBAND TV NEWS. Group Nine Media "is a new media holding company consisting of Thrillist Media Group, NowThis Media, The Dodo and Discovery’s digital network Seeker (along with its production studio SourceFed Studios)." Axel Springer "will maintain its investment as the second largest shareholder." Thrillist CEO Ben Lerer will become CEO of Group Nine Media. The partnership between Discovery and Group Nine Media "will include a commercial agreement that will enable advertisers to reach their desired audience via true 360 opportunities across multiple platforms including linear, digital, social and live events." On the closing of the investment and partnership, Group Nine Media "will expand Discovery’s push into the digital network space targeting millennials" (BROADBAND TV NEWS, 10/14).