Home brands Discovery and the Lerer family are combining in a $550 million deal

Discovery and the Lerer family are combining in a $550 million deal

294
0
SHARE
Photo via flickr.com

Recode reports: “Another big TV network is making another big bet on digital. Discovery Communications is putting $100 million into a deal with Group Nine Media, a new holding company that combines some Discovery assets with Thrillist Media Group, The Dodo and NowThis Media. The deal gives Discovery 35 percent of Group Nine, with the option to buy a controlling stake in two years. People familiar with the deal say it values the combined company, including Discovery’s cash, at around $550 million. Thrillist, Dodo and NowThis are all run by or backed by members of the Lerer family, a prominent force in digital media. Investor Ken Lerer, who co-founded Huffington Post and chairs BuzzFeed, backed NowThis, a short-form video maker, and The Dodo, a digital publisher that focuses on animal content, via his Lerer Hippeau investment company.”

Read more