(SeaPRwire) – Pledging a dedication to “ambitious journalism and agenda-setting conversations,” media heir James Murdoch has reached an agreement with digital publisher Vox Media to buy New York magazine, the Vox editorial brand, and the Vox Media Podcast Network.
The acquisition of Vox, which is generally regarded as left-leaning, marks a significant step in building a personal media empire for the 53-year-old younger son of Rupert Murdoch—who previously owned New York Magazine between 1976 and 1991. This transaction occurs less than a year after the Murdoch family finalized an agreement regarding the succession of the 95-year-old patriarch’s media empire, which guaranteed that Fox News, the top-rated conservative network, would maintain its current trajectory under Rupert’s designated successor, Lachlan Murdoch.
Expected to close in the coming weeks, the transaction will see James Murdoch’s investment firm, Lupa Systems, take ownership of the three divisions, which represent roughly half of Vox Media. While neither Lupa nor Vox Media revealed the financial terms, The New York Times reported the deal was valued at over $300 million, citing sources close to the matter. According to an official announcement, these acquired assets will function as a Lupa subsidiary under the Vox Media name.
What is included and what is left out
Excluded from the transaction are Vox properties such as Eater, Popsugar, SB Nation, The Dodo, and The Verge. However, the acquisition does encompass New York magazine alongside its digital verticals, including The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street.
The transaction also features the Vox Media Podcast Network, home to highly successful programs such as “Criminal” and “Pivot” hosted by Kara Swisher and Scott Galloway. A statement from Vox highlighted that the podcast network has been its fastest-expanding business unit and will instantly position Lupa as a major player in the podcasting industry.
James Murdoch, who previously served as CEO of 21st Century Fox and stepped down from the News Corporation board in 2020 due to disagreements over editorial direction and content, is widely recognized as having more moderate views than his father. Under last year’s family settlement, James and his older sisters, Prudence MacLeod and Elisabeth Murdoch, surrendered their claims to Fox’s leadership in exchange for shares then valued at $3.3 billion.
That agreement set up a trust that secured control of Fox Corp. for Lachlan Murdoch, alongside his younger sisters, Grace and Chloe.
Commenting on the acquisition, James Murdoch stated that the purchase fits perfectly with their current portfolio and investments, showcasing their focus on cultural trends as well as their strong dedication to high-quality journalism and impactful public discourse.
He added that the deal will enable them to integrate new resources across their expanding businesses, bringing significant editorial, production, and distribution strength to their organization.
Leadership expected to remain the same
Jim Bankoff, the current chairman and CEO of Vox, is set to head the newly formed Vox Media, stepping into the role of CEO once the transaction is finalized.
“We take immense pride in having developed and expanded some of this generation’s most prominent media brands,” Bankoff remarked. “Under Lupa’s guidance, we are well-positioned to become the premier destination for creative talent and the most innovative media enterprise of this modern era.”
In a message to subscribers, New York magazine’s editor-in-chief, David Haskell, pointed out that Lupa represents the publication’s sixth owner since 1968.
Haskell assured readers that the publication would remain dedicated to delivering the bold, independent reporting they have come to rely on.
“Our mission remains to drive the news agenda, spark dialogue, participate in crucial political and societal discussions, highlight key cultural trends, and strive to challenge, surprise, and guide our audience through the complexities of today’s world,” Haskell stated.
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Jocelyn Noveck reports on media and entertainment for The Associated Press.
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