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Thrillist, PopSugar Parent Group Nine Media Launching Spac To Pursue Digital Deals

Thrillist, PopSugar Parent Group Nine Media Launching Spac To Pursue Digital Deals

Top executives at Group Nine Media are launching a Spac, or special purpose acquisition vehicle, to go public and hunt for a digital media business to buy. They plan to merge that company, whatever it may be, with with Group Nine, owner of TheDodo, NowThis, Thrillist, Seeker and PopSugar.

SPACs, called ‘blank check’ entities, assemble managers, raise money in a public offering and use the cash to buy actual companies, which then inherit the Spac’s stock exchange listing without the stress of a formal IPO. The Group Nine move is testament to the growing allure of SPACs that now number in the hundreds and continued consolidation in digital media.

Its Spac, the Group Nine Acquisition Corp. (Gnac) filled with SEC for an IPO to raise an estimated $230 million to “pursue business combination opportunities with companies operating in the digital media and adjacent industries including, but not limited to, the social media,

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