The deal that created Ben Lerer's new media empire, Group Nine, totaled $585 million

pulse

May 23, 2017 11:23 PM

Group Nine Media, the holding company that tied together four media brands in October — Thrillist, NowThis, The Dodo, and Seeker — was valued at $585 million.

Ben Lerer

The ideal outcome for all the Group Nine companies, according to Lerer, is creating a 360-degree product that spans both the world of social media and the world of TV. Accomplishing that, he said, will be much easier with the business sides of the brands merged.

A big part of the creation of Group Nine came down to Lerer’s family, he told Business Insider in October. Ben’s father Ken, who cofounded NowThis, has been instrumental in many New York digital media companies including The Huffington Post, BuzzFeed, and even Business Insider, where he was an investor and board member until the sale to Axel Springer. Ben's sister Izzie founded The Dodo.

The family element “made [the deal] possible,” Ben Lerer told us in October. “There was 1,000% transparency … No posturing or staredowns.” There was trust, and a frank discussion of whether the move would be best for Thrillist, NowThis, and The Dodo.

Now, it turns out, that deal was worth $585 million.

Business Insider parent company Axel Springer is an investor in Group Nine Media.

pulse