Shaking up the digital media world

Digital media companies have been finding new ways to shake up old school print and TV journalism, but their efforts haven't been without challenges. The pandemic forced companies to cut down on advertising during the pandemic, and even digital media companies got hit hard. Nonetheless, many online media companies have bounced back as cord-cutting has accelerated digital ad spend. Add a lean operating structure, and digital media companies have a leg up in the ever-competitive, media industry, so much so that more and more are thinking about SPAC'ing. 

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• The Juggernaut is a paid subscription publication that focuses on South Asia and South Asians. Founded by Snigdha Sur originally as a free newsletter, the demand for news, focused on the South Asian diaspora, which was lacking in mainstream news organizations, gave birth to the current paid subscription media company, The Juggernaut. In October 2020, the company raised its seed funding of $2MM, led by Precursor Ventures. 
• The Morning Brew is a daily subscription newsletter media company. It mainly targets millennial business professionals with its quick and easy-to-read format. Its success has propelled The Insider, parent company to Business Insider and eMarketer, to acquire a majority stake in the company, which values it at $75MM. 
• theSkimm is a women-founded and women-targeted daily newsletter media company. Its daily breakdown of the most important news list of the day has won the hearts of many readers. The company has raised multiple rounds of funding in the past, with its last round C funding helping the media company spin off into podcasts and other news formats. However, the pandemic has pushed theSkimm to trim staff, with no recent news on whether the company has turned things around. 
• Vice Media originated as a traditional magazine media company, but it has expanded and transitioned into many forms of media, targeting a millennial audience. Like many of its media counterparts, it had to downsize during the pandemic. In addition, its subsidiary, Refinery29, has faced criticism due to allegations of toxic workplace behavior in 2020. The company is rumored to be considering a SPAC. 
• Group Nine is a mix of four digital media brands: Thrillist, The Dodo, Now This, and Seeker. Focusing on the web as its media distribution medium (digital-first), the company is a go-to for millennial audiences. The company just announced its own SPAC in January and will be using it to acquire some of its competitors.
• Bustle Digital Group is the media holding company for a number of brands, from W to Nylon. It targets the Millenial and Gen Z audiences. The company’s CEO has been touting exiting via SPAC since late last year, and he just may be close to finding the right SPAC partner.