The news: James Murdoch, son of media mogul Rupert Murdoch, is buying New York Magazine and half of Vox Media, according to the New York Times.
- Murdoch’s private holding company Lupa Systems is reportedly paying over $300 million for Vox Media’s Podcast Network and Vox.com. The acquisition includes New York Magazine properties like Vulture, The Strategist, and The Cut.
- The Vox properties and New York Magazine will become a subsidiary of Lupa Systems and will continue to be helmed by Vox Media CEO Jim Bankoff.
- The deal does not include The Verge, The Dodo, and SB Nation; these will be split into an independent company led by Vox Media president Ryan Pauley.
- Vox Media anticipates the deal will close in the next four-to-six weeks.
The acquisition “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,” Murdoch said.
Why it matters: The deal underscores how media owners are zeroing in on fewer, more promising assets as the broader digital publishing business becomes harder to sustain.
- Podcasts and New York Magazine appear to be two of Vox Media’s strongest-performing assets. Lupa’s announcement identified podcasts as Vox Media’s fastest-growing business and highlighted New York Magazine’s “must-read” verticals and growing readership of platforms like Vulture and The Cut.