Media heir James Murdoch has completed a major acquisition deal to purchase New York magazine, the Vox Media Podcast Network, and the Vox editorial brand from digital media company Vox Media, vowing to support “ambitious journalism and agenda-setting conversations.”
This acquisition marks a significant step for the 53-year-old son of media mogul Rupert Murdoch as he builds his own media holdings. Notably, his father previously owned New York Magazine between 1976 and 1991. The transaction comes after recent family agreements regarding control of the elder Murdoch’s media empire, which will maintain Fox News’ conservative direction under his chosen successor, Lachlan Murdoch.
The transaction, set to finalize in the coming weeks, will see James Murdoch’s investment firm Lupa Systems take control of approximately half of Vox Media’s operations. While neither company revealed the purchase price, The New York Times reported sources indicating the deal exceeded $300 million. The purchased properties will function as a Lupa subsidiary operating under the Vox Media name.
The acquisition excludes several Vox properties including Eater, Popsugar, SB Nation, The Dodo, and The Verge. However, it encompasses New York magazine’s various sections including The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street.
The deal also incorporates the Vox Media Podcast Network, home to highly successful programs such as “Criminal” and “Pivot” featuring Kara Swisher and Scott Galloway. According to Vox’s announcement, this network “has been the fastest growing business within Vox Media and will immediately put Lupa at the top of the podcast field.”
James Murdoch, who previously served as CEO of 21st Century Fox before leaving the News Corporation board in 2020 due to disagreements over editorial direction, is recognized for holding more liberal political views than his father. In last year’s family settlement, James and his two elder sisters, Prudence MacLeod and Elisabeth Murdoch, relinquished control claims over Fox in return for stock worth $3.3 billion at the time.
That agreement established a trust giving Lachlan Murdoch control of Fox Corp., alongside his younger sisters Grace and Chloe.
Discussing the Vox acquisition, James Murdoch stated the purchase “aligns well with our existing holdings and investments and reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations.
It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group,” Murdoch explained.
Jim Bankoff, current Vox chairman and CEO, will head the restructured Vox Media as CEO of the new entity once the deal closes.
“We are incredibly proud to have built and scaled several of the leading media properties of this generation,” Bankoff stated. “Together under Lupa’s stewardship we are primed to be the best home for talent and the most dynamic media company of this new era.”
New York magazine’s editor-in-chief David Haskell informed subscribers via email that Lupa represents the publication’s sixth ownership change since 1968.
Haskell assured readers the magazine would maintain “the fearless, independent journalism that you expect from us.”
“We will continue to create news cycles, start conversations, contribute to the most important debates in politics and society, identify and explore what’s most interesting in contemporary culture, and always do our best to challenge our readers, surprise them, and help them make sense of the modern world,” Haskell promised.
