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Photo: Brian Ach/Getty Images for TechCrunch

Group Nine Media told staff in a company-wide meeting last week that the company expects to be profitable this year, according to a source who was on the virtual town hall video call.

Why it matters: It's the first time in the company's five-year history that it has acknowledged it will be profitable.

  • Three sources tell Axios that the company is expected to bring in more than $200 million in revenue this year.

Details: In the town hall meeting, Group Nine Media CEO Ben Lerer also said that the company is adding over 100 new jobs, with most focused on content. The company has over 700 employees.

  • "We have navigated an incredibly trying environment," Lerer said, according to a source in the meeting.
  • Noting the company's resiliency during the pandemic, Lerer said that the company has "differentiated our brands by consistently delivering uplifting, informative and optimistic content to our audiences amidst the clutter and toxicity," per a source in the meeting.

What's next: Last year, Group Nine Media formed a subsidiary that created a blank-check acquisition company called Group Nine Acquisition Corp., with the intention of buying Group Nine Media and taking it public alongside another major media company.

  • Group Nine has held talks with media companies about potential rollups, but has yet to announce any finalized plans.
  • "We have emerged from a sea of digital start-ups as one of the three or four definitive leaders in the digital media space," Lerer said in the meeting.

Go deeper

New media company seeks to be the opposite of climate "doomscrolling"

Illustration: Rae Cook/Axios

Pique Action, a new media company launching today, is betting that short form "micro-documentaries" that tell stories about people working to reduce greenhouse gas emissions will help to counteract our doom-scrolling tendencies.

Why it matters: The media organization, launched by film veteran Kip Pastor (whose credits include "In Organic We Trust," and "Sickhouse," the first film shot and distributed on SnapChat) and social media strategist Tyler Steinhardt, plans to distribute positive stories about climate solutions through social media platforms like SnapChat, Youtube, TikTok and Twitter.

Ben Geman, author of Generate
1 hour ago - Politics & Policy

Biden's carbon emissions-cutting pledge faces tough climb

Image from the Rhodium Group study "Pathways to Paris." Courtesy of the Rhodium Group.

The verdict is in: President Biden's U.S. emissions-cutting pledge isn't a fantasy, but the path to meeting it is very difficult and relies on forces outside of White House control.

Driving the news: The Rhodium Group just released an analysis of policy combinations that could close the gap between the current U.S. trajectory and Biden's vow under the Paris Agreement to cut emissions in half by 2030.

Felix Salmon, author of Capital
Updated 2 hours ago - Economy & Business

Johnson & Johnson pulls the trigger on Texas talc gambit

Illustration: Aïda Amer/Axios

It's official: Johnson & Johnson has invoked a Texas legal loophole in an attempt to protect the bulk of its corporate assets from claims that its baby powder caused ovarian cancer and mesothelioma.

Why it matters: It's the biggest and boldest invocation yet of the so-called Texas two-step defense. But it's still not clear whether it's going to work.