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Jim bankoff vox media7/23/2023 ![]() ![]() Bankoff said in his memo that Vox Media has no “immediate plans” to go public, but did not rule it out. BuzzFeed’s recent SPAC merger was described as a “shitshow” last week by VICE, whose own SPAC failed before it launched. Platforms ranging from Facebook to Twitter to Google to Apple allow us to distribute and create new content, and it is a much bigger ecosystem now, leading to much bigger companies with much. Group Nine is part of a series of media companies that announced they were forming SPACs. The new company is expected to make over $700 million in revenue and upwards of $100 million in profit, The Journal reported. Her experience as a top-level deal maker, operational leader, and highly analytical thinker will enable us to accelerate our growth and industry leadership, says Vox Media chairman and CEO Jim Bankoff. The SPAC is not part of the deal with Vox according to Variety. Jim Bankoff is the Chairman and CEO of Vox Media, the pioneering media company known for building modern media properties and the platforms that enable them. “Together we will be an even stronger, more financially sustainable company that can invest more in our products and our people.”Įarlier this year Group Nine formed a special purpose acquisition company for the purposes of going public. A twenty five year veteran of the online industry, Jim developed and led dozens of the most popular websites on the internet including AOL.com, Mapquest. “The business rationale behind this merger is to grow revenue, increase scale, and combine these incredibly powerful and complementary portfolios,” Vox Media CEO Jim Bankoff wrote in an all-staff email. Vox Media Chief Executive Officer Jim Bankoff would run the combined company. ![]() If the all-stock deal goes through, Vox Media would own 75% of the company while Group Nine would own 25%. According to The Journal, Vox Media has been considering different ways to raise money, including a potential IPO. The company’s current stable of brands comprises Curbed, The Cut, The Dodo, Eater, Grub Street, Intelligencer, New York Magazine, NowThis, Polygon, Popsugar, Recode, SB Nation, Seeker, The Strategist, Thrillist, The Verge, Vox and Vulture.Īxios first reported news of the Vox Media layoffs.If successful, the merger represents a major shift for Vox Media, which has been growing over the course of the past months and years. In 2019, Vox Media acquired New York Media, publisher of New York Magazine, in an all-stock deal designed to gain synergies of scale, before inking the merger deal with Group Nine in December 2021. “While we need to slow down the rapid pace of hiring that we experienced last year and expected to continue into 2022, we will continue to hire for roles that are critical to our work,” the CEO wrote. Vox Media also will take steps to “decrease hiring and reduce non-essential expenses,” Bankoff told staff in the memo, which had the subject line “Economic uncertainty & actions: important company update.” Jim Bankoff is the chief executive officer of Vox Media, an American digital media company that operates left-leaning news and opinion websites and digital. “These decisions were made against the backdrop of economic turbulence, in the media and technology industries in particular.”Īccording to Bankoff, supply-chain issues across industries are “reducing marketing and advertising budgets… Our aim is to get ahead of greater uncertainty by making difficult but important decisions to pare back on initiatives that are lower priority or have lower staffing needs in the current climate.” ![]() “I’m writing this morning to share the difficult news that today we will be informing colleagues, comprising under 2% of the company, that they no longer have roles at Vox Media,” Vox Media chief Jim Bankoff wrote in a memo to staff Wednesday obtained by Variety.
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