Vox Media appears to be in advanced discussions to purchase digital media company Group Nine according to internal memos received by the companies. CNBC obtained these memos.

Jim Bankoff, Vox CEO and Ben Lerer, Group Nine CEO sent emails after reading The Wall Street Journal. first reported the news On Monday.Group Nine controls digital media assets such as PopSugar and NowThis.

Group Nine held ongoing merger discussions with Vox and BuzzFeed for many years. CNBC reported last week.Vox and Group Nine both seek additional scale to be more competitive with each other. GoogleAnd FacebookAdvertising dollars

Bankoff informed his employees that although the agreement is not yet signed, it is likely to be completed soon and close by early 2022. Vox will have Lerer as a director. The memo stated that Vox publications including New York Magazine and the Verge as well as Eater, Curbed (Vox), Vox, SB Nation, Curbed, Vox, Curbed, Vox, Curbed, Vox, and Curbed will remain intact following the acquisition.

According to someone familiar with the situation, Vox will have 75% ownership in the combined company through an all-stock agreement. The person requested anonymity because the terms of the deal were confidential.

Vox and Group Nine representatives didn’t respond immediately to inquiries for comment.

Bankoff claimed that the company doesn’t intend to be public. Group Nine created a special-purpose acquisition company earlier in the year that can be used for a public merger. However, the SPAC has not been used to facilitate this deal. Another person stated that the entity will still exist and could be utilized by the combined company later.

BuzzFeedThe stock went public through an SPAC last week, but has fallen since then. BuzzFeed is also looking to roll up digital media companiesThe industry is consolidating.

WATCH: BuzzFeed CEO Jonah Peretti on SPAC merger