Todd Spangler NY Digital EditorThe special purpose acquisition company set up by Group Nine Media announced pricing of its initial public offering of 20 million shares at $10 apiece, for total gross proceeds of $200 million.Discovery-backed Group Nine, whose digital-media brands include Thrillist, NowThis, the Dodo and Seeker, filed paperwork for the SPAC last month saying it plans to combine with “another target business” in the digital-media space.
A SPAC is a kind of blank check holding company formed for the purpose of raising capital through an initial public offering for an acquisition, merger or other business combination.Group Nine hasn’t identified any M&A targets.
Read more on variety.com