Group Nine Media raised an additional $50 million from existing investors Discovery and Axel Springer, an investment that values the owner of NowThis, the Dodo and Thrillist at more than $600 million.
By Benjamin Mullin Sept. 9, 2019 7:00 am ET Group Nine Media Inc. raised an additional $50 million from existing investors Discovery Inc. DISCB -2.95% and Axel Springer SPR 0.16% SE, an investment that people familiar with the matter said values the owner of NowThis, the Dodo and Thrillist at more than $600 million when accounting for the new cash.
Closely held Group Nine Media isn’t profitable, according to people familiar with the matter, but its revenue since the merger is twice what the combined entities generated before the deal, another person said. Revenue was boosted by growth in the company’s advertising business and new distribution agreements, including a recent deal to produce “Izzy Bee’s Koala World” for video-streaming giant Netflix Inc.
“What I think we’ve been particularly good at is setting a clear strategy and staying steadfastly committed to executing on it,” he said. “They have category-defining brands that connect with young audiences through the best short, mid and long-form storytelling on mobile,” Mr. Zaslav said.Jan Bayer, the president of news media international at Axel Springer, said in a statement that Group Nine Media has what it takes to “create a real digital winner.”
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