James Murdoch to Buy New York Magazine, Other Vox Assets for Around $300 Million
Deal, which also includes the Vox Media podcast division and Vox news site, expands the media holdings of Murdoch’s Lupa Systems
- James Murdoch’s Lupa Systems agreed to buy Vox Media’s New York magazine, Vox news site, and podcast division for about $300 million.
- The transaction, expected to close in four to six weeks, will keep Jim Bankoff as CEO of the acquired assets.
- Other Vox Media assets like Eater and Popsugar aren’t included in the deal with Lupa Systems.
Media investor James Murdoch has agreed to buy Vox Media’s New York magazine, the Vox news site and the Vox Media Podcast Network.
Murdoch is paying around $300 million for the assets, according to a person familiar with the matter, and is making the deal through Lupa Systems, his investment company.
Vox Media and Lupa announced the deal on Wednesday. The Wall Street Journal reported earlier this month that Murdoch was in talks to acquire the businesses through Lupa.
In a note to staffers Wednesday, Vox Media Chief Executive Jim Bankoff said the transaction with Lupa is expected to close in four to six weeks.
“Separating into two distinct companies best sets up our brands, shows, businesses, talent, and teams to continue to lead and prosper in the changing media landscape,” Bankoff said. “James and Kathryn Murdoch understand what we’re building, respect editorial independence, and are deeply committed to this new company’s success.”
The assets under Lupa will carry the Vox Media name, with Bankoff remaining CEO.
Vox’s podcast network is responsible for shows including “Pivot,” by tech journalist Kara Swisher and entrepreneur Scott Galloway, as well as “The Curiosity Shop” with Brené Brown and Adam Grant and Maria Sharapova’s “Pretty Tough.”
Vox bought New York magazine in 2019, in a deal that valued the publication at $105 million.
Vox also owns Eater, Popsugar, SB Nation, the Verge and other assets, which aren’t included in the Murdoch deal.
Bankoff said in an interview that the company was getting “unsolicited inbound interest” because of its strong podcast business. They weren’t seeking a deal at the time, but the outreach led his leadership team to analyze opportunities and “to re-evaluate our structure.”
Versant Media Group had expressed interest in the podcast business, according to people familiar with the matter, and media executive Barry Diller also said he looked “very deeply” at a potential deal.
Murdoch, the younger son of News Corp chairman emeritus Rupert Murdoch, founded Lupa in 2019 after stepping down as chief executive of 21st Century Fox. The following year, he resigned from the board of News Corp, citing disagreements over editorial content. Rupert Murdoch controls News Corp, which is the parent company of The Wall Street Journal, and Fox.
The Vox acquisitions will expand James and his wife Kathryn Murdoch’s media portfolio. Lupa’s investments include stakes in Tribeca Enterprises, which runs the Tribeca Film Festival, as well as Art Basel parent MCH Group. Kathryn Murdoch also has invested in the Bulwark, a fast-growing digital-news startup for opponents of President Trump.
The deal is a full circle of sorts for the Murdoch family. Rupert Murdoch owned New York magazine from the late 1970s until 1991, when he sold it to a partnership controlled by KKR.