You may have heard that Vox media is going to merge with another company called Group Nine Media to create one larger company:
Vox Media, co-founded by Mr. Bankoff in 2011, is the publisher of Vox.com, The Verge and SB Nation, as well as New York magazine and its related websites, which it bought in 2019. Group Nine operates the lifestyle sites PopSugar, NowThis, the Dodo, Thrillist and Seeker. The combined company, encompassing nearly 350 million social media followers and six billion monthly video views, is expected to generate more than $700 million in revenue and $100 million in pretax profit next year, according to two people familiar with the financial details.
The NY Post reported that one thing driving the merger is the fact that both companies aren’t worth what they were just a few years ago and some cost-savings are needed.
Sources say Group Nine’s worth has slumped to $225 million, less than half the $585 million it touted in 2016 when it got a $100 million investment from Discovery. Likewise, Vox — which was valued at $1 billion in its last funding round in 2015 — was valued at approximately $672 million, according to sources close to the deal.
Decline in online media is hardly a new story and I’m genuinely not wishing anyone ill here but I did have all of that merger stuff in mind today when I came across this article at Vox arguing that maybe it’s time to take a break from capitalism because the world is ending:
For a moment in early 2020, it seemed like we might get a break from capitalism.
A novel coronavirus was sweeping the globe, and leaders and experts recommended that the US pay millions of people to stay home until the immediate crisis was over. These people wouldn’t work. They’d hunker down, take care of their families, and isolate themselves to keep everyone safe. With almost the whole economy on pause, the virus would stop spreading, and Americans could soon go back to normalcy with relatively little loss of life.
Obviously, that didn’t happen.
Instead, white-collar workers shifted over to Zoom (often with kids in the background), and everybody else was forced to keep showing up to their jobs in the face of a deadly virus. Hundreds of thousands died, countless numbers descended into depression and burnout, and a grim new standard was set: Americans keep working, even during the apocalypse.