Thrillist Picks Up $54 Million in Axel Springer’s Latest N.Y. Bet

Thrillist Media Group Chief Executive Ben Lerer
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Axel Springer has struck again on the New York media scene.

The German media giant on Tuesday joined investors betting $54 million on Thrillist Media Group’s vision of the future for men’s lifestyle-content-meets-e-commerce destinations.

The deal comes after the $343 million investment on Monday by Axel Springer for an 88% stake in New York-based Business Insider.

Under the deal, New-York based Thrillist also said that it is splitting its corporate structure, allowing men’s clothing shopping site JackThreads to operate as a separately owned and independent company.

Axel Springer invested in Thrillist Media Group. Separately, Oak Investment Partners and SBNY, formerly Softbank Capital NY, led an investment in JackThreads.

Oak Investment Partner previously led a $13 million round in Thrillist in 2012 along with Lerer Ventures and Bob Pittman’s Pilot Group. That funding came after the company was formed in 2005, backed by million from Pilot.

Thrillist began as a male-centric newsletter but morphed into its current hybrid that includes e-commerce when it acquired JackThreads in 2010. Its flagship website reaches 15 million visitors a month, the company said.

Axel Springer said its investment makes it the largest outside investor in Thrillist.

Write to Scott Martin at Follow him on Twitter at @scottysmartin