Vox Media to Spin Off Viral Political News Site NowThis
12.04.2023 - 17:26
/ thewrap.com
acquired by Vox, is backed by an investment from the Accelerate Change Media Network, which will be used to support NowThis’ continued growth and operations. Accelerate Change is a nonprofit digital media lab, investor, and incubator focused on news, culture, and lifestyle properties that create high-quality journalism.
Accelerate Change’s media network includes independent media properties such as ParentsTogether, PushBlack, Pulso, Noticias Para Inmigrantes, and Impact as well as hundreds of influencers and celebritiesNowThis is the #1 most-engaged U.S. news and politics digital-first publisher across Instagram, TikTok, and Facebook and the #1 news publisher on TikTok in the world with over 10 million followers and 70 million monthly views on the platform.“NowThis is a powerhouse news publisher for young people on social platforms, and its reach and tremendous relevance has made it a destination for high-profile changemakers, cultural icons, and brand partners since its inception.
We’re thrilled to partner with Accelerate Change to support the brand’s expansion,” Vox Media co-founder, chair and CEO Jim Bankoff said in a statement. “We’re excited about this model that allows Vox Media to continue to amplify NowThis as part of our portfolio with brand partners while setting NowThis up for continued success and rapid growth.”A senior representative from Vox Media will join NowThis’ newly created board of directors alongside Accelerate Change’s representatives.
ArentFox Schiff acted as outside legal advisors to Vox Media, and Kirton McConkie to Accelerate Change. Financial terms of the deal were not disclosed.In January, Vox laid off 7% of its staff, or more than 130 staffers, across departments including revenue,
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