You will be redirected back to your article in seconds

Thrillist Raises $54 Million, Splits Off E-Commerce Unit

Thrillist Media Group, a digital media and e-commerce company targeting men, has raised $54 million in funding and will split apart its content and commerce divisions.

Axel Springer, the Germany-based digital publishing conglomerate, is taking a minority stake in TMG’s media unit, which will continue to be known as Thrillist Media Group. Separately, Oak Investment Partners and SBNY (formerly known as Softbank Capital NY) are leading the investment into JackThreads, the men’s fashion e-commerce site TMG acquired in 2010.

The deal continues the trend of big media companies seeking growth — and hard-to-reach younger auds — through acquisitions or investments in digital players. Hearst invested $21 million in Complex, another New York digital-media company targeting millennial males with pop-culture content, while NBCUniversal recently pumped $200 million apiece into BuzzFeed and Vox Media.

Ben Lerer will serve as CEO of Thrillist Media Group and Ken Lerer, managing partner of Lerer Hippeau Ventures, will join TMG’s board of directors. Eric Ashman and Adam Rich will continue as president and editor-in-chief, respectively. Mark Walker will become CEO of JackThreads.

New York-based Thrillist Media Group, founded in 2005, reaches 15 million monthly unique visitors to Thrillist.com, and over 80 million per month across digital, social and mobile platforms. The company has more than 175 employees, with local editions in 35 cities in the U.S. and Europe. Thrillist also produces over 75 live events yearly.

TMG said Axel Springer’s investment will help it expand into new, targeted content verticals, broaden its video and social resources and grow other areas of its business.

For Axel Springer, the stake in Thrillist is part of its push into the U.S. market. The company on Tuesday announced a deal to acquire news and events company Business Insider for about $343 million.

“This investment in Thrillist Media Group is an important part of our strategy to support innovative digital media and compelling content around the world as well as our company’s expansion to the U.S. and other English-language markets,” Axel Springer CEO Mathias Döpfner said in announcing the investment.

Citigroup served as financial adviser to Thrillist Media Group on the funding.

More Digital

  • Livenation AR Live stream

    Live Nation to Debut AR Live Stream at Music Midtown Festival

    Come September, Live Nation is set to begin streaming live events in augmented reality. The entertainment giant will debut live AR broadcasting at the Music Midtown festival in Atlanta, Georgia, where attendees will also be able to unlock filters and other AR effects. Live Nation announced the new initiative at the Cannes Lions festival Thursday, [...]

  • Adam Driver appears in The Report

    Amazon’s ‘The Report’ Gets U.K. Theatrical Release Ahead of Streaming Launch

    Amazon Studio’s “The Report” will be released theatrically in the U.K. three weeks before it lands on the Prime Video streaming service. The Scott Z. Burns film tells the story of Daniel J. Jones, a U.S. Senate staffer who worked to reveal that truth about an “enhanced interrogation” program run by the CIA in the [...]

  • Netflix HQ LA

    Netflix Engineers Developed a Rumble Pack Feature During Latest Hack Day

    A duo of Netflix employees had a unique idea for making the service’s shows even more stirring: They added a rumble pack option to the Netflix app as part of the company’s latest hack day. When watching shows like “Voltron,” the feature makes phones vibrate in sync with the action on the screen, similar to [...]

  • Apple - iPhone-XR-launch-Covent-Garden-London

    Apple Warns New Tariffs Would Impact iPhones, iPads, Macs

    Apple has told U.S. trade representative Robert Lighthizer in a filing that all of its major products would be impacted if the U.S. enacted a fourth round of tariffs in its escalating trade war with China. CNBC was first to report about the filing Thursday. “The proposed tariff list covers all of Apple’s major products, [...]

  • Amazon Music

    Amazon Music Launches on Comcast's Xfinity X1 Set-Tops

    Amazon Music is rolling out on Comcast’s Xfinity X1 — the first pay-TV distribution deal for the ecommerce company’s music service. The cable operator’s addition of Amazon Music comes six months after it added Amazon Prime Video to the X1 lineup. Prime Video quickly became one of the most-used apps on the service, which prompted [...]

  • The Frontier

    Conecta Fiction: Project Pitches Prizes Passed Out in Pamplona

    On Wednesday evening the Spanish city of Pamplona was overrun, not by bulls, but by hopeful TV creators who had spent the early week pitching their projects at Conecta Fiction, and who anxiously waited to find out the titles which would take home silverware. Meanwhile, “Monzón,” a Disney-Pampa-Incaa production portraying the tragic violence of Argentine [...]

More From Our Brands

Access exclusive content