Germany's Axel Springer to Buy Minority Stake in Thrillist
The deal comes a day after the publishing giant unveiled an agreement to acquire control of Business Insider.
German publishing giant Axel Springer said on Wednesday that it has agreed to acquire a minority stake in New York City-based Thrillist Media Group, the digital media company that is a lifestyle destination for millennial men.
Financial and other details weren't disclosed, but the company said the deal would make it "the largest outside investor" in Thrillist.
"The investment is an important next step in Axel Springer’s strategy to broaden its global reach, increase its English-language offerings and expand its commitment to innovative digital media content," the company said.
The deal news comes a day after Axel Springer unveiled an agreement to acquire control of Business Insider.
Thrillist was founded in 2005 by Ben Lerer, CEO, and Adam Rich, editor-in-chief. It reaches 15 million monthly unique visitors to Thrillist.com and over 80 million a month across its digital, social and mobile platforms.
Mathias Dopfner, CEO of Axel Springer, said: “The investment in Thrillist is a further step we are taking to expand our global footprint as a digital publisher, especially in English-language markets. Thrillist has become a first choice, particularly among millennial men. We see strong further potential and are looking forward to close cooperation with Ben, Adam and the whole Thrillist team.”
The Springer investment will help Thrillist expand into "new, targeted content verticals, broaden its video and social resources, aide in the expansion of its experiential events team, continue the development of its proprietary data and technology platform, Pinnacle, and further its newly formed branded content creation division, The CoLab," the companies said.
Thrillist's related e-commerce business, JackThreads, is not part of the investment and will in the future be operated as a separate company.
The transaction is expected to be completed in early October.