NBCUniversal and Vox made their $200 million deal official on Wednesday, the two companies announced.
The deal has a pre-money valuation of $850 million, according to Re/code, a value that really puts Vox in the $1 billion net worth area.
The NBC-Vox deal will feature a digital advertising collaboration, Vox Media CEO Jim Bankoff said. The companies will also work on video advertising and programming; Vox Media staffers will also pop up more on CNBC and NBC.
The legacy media company is also set to make a $200 million investment in BuzzFeed, a deal that would distribute its content on the viral news and video platform while also bringing BuzzFeed to some of its broadcast properties. That deal will put BuzzFeed at a projected $1.5 billion valuation.
Both deals continue a media sea change, where big media behemoths lean on digital powerhouses to tap into younger audiences who aren’t tuning into older formats like the evening news or Sunday shows.
“Vox Media has a great portfolio of premium digital brands that deeply engage broad audiences,” said Steve Burke, CEO, NBCUniversal. “Vox Media has strong leadership, top editorial talent and a unique technology platform. We are excited to be making this investment and building a collaborative partnership involving editorial content, advertising and technology.”
“NBCUniversal is the perfect strategic partner for Vox Media as we continue to rapidly grow our audience and business,” said Jim Bankoff, CEO and Chairman, Vox Media.
“NBCUniversal’s valuable family of properties align especially well with Vox Media’s authoritative, voice-driven brands which span sports, tech, news, fashion, food, and more. We are extraordinarily excited to collaborate in many areas including video programming, brand advertising, cross-promotion, and platform technology to grow existing properties and launch new franchises.”