Nine Entertainment Company (NEC) has bought into pop culture site Pedestrian.tv, but has not disclosed how large a stake it has or what it paid for it.
NEC's digital arm Mi9 made the investment, and said it was partially viewed as a learning opportunity.
“Our mission is to create and sell digital products that people and brands love, and in certain categories our strategy is to invest and create opportunities for future growth,” managing director of Mi9 Alex Parsons said.
“We are excited by the opportunity to help continue to build this business whilst learning from the impressive Pedestrian.tv team.”
The site reportedly engages 1.5 million browsers each month, and has sales partnerships in place with brands such as Telstra, Lion Nathan, and MINI.
Co-founers of the site Chris Wirasinha and Oscar Martin will remain on at the helm of the site, and independently run content, operations, and sales.
Wirasinha said he was excited by the assets Mi9 would bring to the party, including TV personality Karl Stefanovic.
“We want to create the number one media company in Australia for 18 to 29 year-olds, and the partnership with Nine helps deliver expertise, infrastructure and Karl Stefanovic to make this vision a reality,” Wirasinha said.
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