Comcast Corp’s NBC Universal, will make an additional $200 million strategic investment in Vox Media, and creating a partnership to help the television giant better connect with younger audiences, the companies said Wednesday.
The investment will give Vox Media a post-money valuation of about $1 billion, a person familiar with the situation told WSJ.
Comcast already owned about 14% of Vox, through its venture capital arm and other units, will increase its holdings but remain a minority investor, the report said.
NBCUniversal, which owns channels such as USA, Bravo, E! and MSNBC, has struggled like other media companies with declining viewership among younger audiences who are increasingly watching video online and dropping cable connections.
Vox Media, which is made up of eight websites focused on sports, politics, food, fashion and technology, has gained strong traction among younger readers, with 41% of its combined 54.1 million unique visitors in June falling between the ages of 18 and 34, according to comScore Inc.
“Vox Media has a great portfolio of premium digital brands that deeply engage broad audiences, ” Steve Burke, CEO of NBCUniversal, said in a statement. “Vox Media has strong leadership, top editorial talent and a unique technology platform. We are excited to be making this investment and building a collaborative partnership involving editorial content, advertising and technology.”
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