Media investor James Murdoch announced Wednesday his plans to purchase three key divisions of Vox Media through his investment company Lupa Systems, in a deal valued at more than $300 million according to sources familiar with the transaction.
The acquisition encompasses New York Magazine along with its digital publications, the Vox news platform, and an extensive podcast network that collectively attract tens of millions of readers and listeners, the digital media company confirmed.
Through Lupa Systems, Murdoch will gain ownership of one of the industry’s most well-known magazine brands and a substantial podcasting operation during a period when digital media companies are seeking new opportunities for expansion.
The purchase also covers the Vox news platform, which creates content in various formats including video, written articles and podcasts like “Today, Explained” and “America, Actually.”
“This acquisition reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism,” James Murdoch stated. He is the younger son of media mogul Rupert Murdoch.
James has developed Lupa Systems as a media and technology company independent from the conservative media empire that includes Fox News and News Corp, which has been headed by his father Rupert and is now under his brother Lachlan’s control.
According to a source close to the deal who spoke with Reuters, the Vox acquisition is worth over $300 million. The New York Times initially reported the transaction on Wednesday.
Vox Media CEO Jim Bankoff will move to Lupa Systems while maintaining his leadership role over the brands under the Vox Media name, he informed company employees in a memo. He noted the deal should finalize within four to six weeks.
New York Magazine’s portfolio features The Cut, Vulture and Intelligencer, attracting a digital readership in the tens of millions along with over 400,000 paying subscribers.
The Vox Media podcast network hosts approximately 50 programs, including “Pivot” featuring Kara Swisher and Scott Galloway, as well as the crime podcast “Criminal.”
Several other Vox Media properties including Eater, Popsugar and The Verge are not part of this deal. Those brands, together with SB Nation and The Dodo, will form a separate independent company operating under a different corporate identity.
