The move is the result from a $54 million cash infusion from European digital publisher, Axel Springer, designated to broadened TMG’s digital media content. JackThreads is not part of the investment.
New York Business Journal reports the two units will operate as independent companies, both financially and organizationally. Oak Investment Partners and SBNY are leading the investment into JackThreads. TMG Co-founder and CEO Ben Lerer will continue to serve as the chairman of JackThreads.