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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

Media disrupters chase global audience

Ben Smith, then editor-in-chief of BuzzFeed News, speaks in 2019. Photo: Eóin Noonan/Sportsfile via Getty Images

Calling legacy media "almost paralyzed," two of journalism's top disrupters —  Bloomberg's Justin Smith and Ben Smith of the New York Times — unveiled a long-secret idea for a richly-funded global news platform.

  • The Smiths either are very early in their planning or are cleverly disguising their intentions: No name was announced, and neither could say where the venture will be headquartered.

"Avengers: Endgame" directors sell studio stake for $400 million

Photo by Albert L. Ortega/Getty Images

AGBO, the production company co-founded by "Avengers: Endgame" directors Anthony and Joe Russo, on Wednesday said it sold a minority stake to Tokyo-based video game company Nexon.

Why it matters: This the latest in a series of investments in high-profile production companies, spurred on by the global rise of streaming.

Kate Marino, author of Markets
Jan 5, 2022 - Economy & Business

Young investors are making bets from what they see on social media

Expand chart
Data: M1 Finance; Chart: Jared Whalen/Axios (State of financial survival defined as worried about covering basic living expenses; financial freedom defined as having enough savings to live the life one wants.)

For today’s investors, the latest jackpot idea might be sandwiched between cat videos and political snark on social media.

Driving the news: About 60% of Gen Z and millennial investors have made an investment as a result of social media, according to a new survey out today from M1 Finance.