Ben, I'm curious for your perspective on sort of the pressure to scale. When you put the two together, it's a company that is not only strong financially, but is strong in its work, strong in its culture and we're excited to plow forward.īOORSTIN: Yeah. We program things in different ways but between the two of us, we have the best portfolio in media, touching every conceivable content category, doing it at scale, doing it across every conceivable modern distribution platform from Roku to TikTok to podcasts to websites to the biggest streaming services. We want to treat our employees and our teams well and we want to be ambitious and be successful. Both of these companies have, we have a lot in common even though we're different. And then we got to talking and we realized that the time was right now. It's a, it's a small group of media entrepreneurs that have emerged in the last decade or so and we have helped each other out in a support group. Ben and I have known each other for a while. We couldn't be more excited to announce this today. JIM BANKOFF: Well, first of all, thank you. Why did it feel like now's the time when it was necessary to do this kind of a deal? Also, a quick note that NBCUniversal is an investor in Vox Media. Joining us now to discuss the deal is Vox Media Chair and CEO Jim Bankoff and Group Nine Founder and CEO Ben Lerer. The deal is on pace to close in early 2022, pending regulatory approval. Under the all stock deal, Vox will hold 75% ownership of the company with the remaining 25% going to Group Nine. JULIA BOORSTIN: Vox Media is set to merge with Group Nine, parent company of brands such as NowThis, PopSugar and Thrillist. Personal Loans for 670 Credit Score or Lowerįollowing is the unofficial transcript of a CNBC exclusive interview with Vox Media Chair & CEO Jim Bankoff and Group Nine Media Founder & CEO Ben Lerer on CNBC's "TechCheck" (M-F, 11AM-12PM ET) airing today, Tuesday, December 14 th. Personal Loans for 580 Credit Score or Lower We are grateful for our Vox Media Union, organized with the Writers Guild of America, East.Best Debt Consolidation Loans for Bad Credit Our union knows the greatest asset of Vox Media is its workers. We won strong severance in our contract, and we are working as a union to further protect our impacted colleagues.Ĭyclical layoffs hurt our brands, hurt our business prospects, hurt our credibility, hurt our values, and hurt our people. We are committed to fighting for those who were affected by these layoffs, and holding management accountable for their actions. We are furious at how this will impact our colleagues who have lost their jobs and remain concerned about the long-term morale of those who remain. These cuts come after multiple rounds of layoffs in 2022, in which we lost many valued colleagues. We are coming off of three years of working in tough conditions - through a pandemic with limited resources - and the way our colleagues were treated today is unconscionable. Our committee spent Friday morning hearing from members of the Vox Media Union as they waited for emails to let them know if they would still have a job. The Vox Media Union organization with the Writers Guild of America, East, issued a statement on Friday evening addressing the layoffs. Bankoff reiterated that to manage through the downturn “operational discipline and strategic focus will be key to Vox Media’s success.”
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