The all-stock transaction is expected to close in Q1 2022, with Vox Media co-founder Jim Bankoff becoming chair and CEO of the enlarged group. Group Nine founder and CEO Ben Lerer will join the Vox board.
Bankoff said: "Under Ben’s stewardship, Group Nine has navigated from a scrappy start-up to one of the biggest and most successful publishers in the industry. Much like us, their team has proven to be a leader in both building cherished media brands from the ground-up as well as successfully acquiring and integrating properties. With this acquisition, Vox Media will extend its leadership into new categories, formats and distribution platforms by welcoming more beloved properties into our portfolio."
He added: “Our combined company will be the premier home for creators, storytellers, journalists, product innovators and business people who want to grow their careers and have an impact through their work. The acquisition will build on and accelerate the leading creative and business strength that both companies already have achieved.”
Lerer said: “We could not be more excited about the opportunity to join forces with Vox Media. This combination will not only create unparalleled scale and revenue diversification, it will bring together some of the most popular brands, premium content, and creative and business talent in the world.”
Speaking of Bankoff, he added: “There is no one I would trust more to lead the company and the team I love than Jim. He is not only kind and fair, but fearless and focused. This is the beginning of our most exciting chapter.”
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