James Murdoch buys New York magazine, Vox podcasts for $419 million
Christopher Palmeri
James Murdoch has agreed to buy a significant portion of Vox Media for more than $300 million ($419 million); This marks a major expansion into US media for the younger son of Australian media mogul Rupert Murdoch.
In the deal announced Wednesday, James Murdoch’s media and technology holding company Lupa Systems will acquire Vox’s podcast network and new York magazine, a publication once owned by Murdoch senior.
Other properties owned by Vox Media, including tech site The Verge and lifestyle publication Popsugar, are not included in the deal.
Financial terms were not disclosed, but Murdoch had offered US$300 million for the properties. Pivot With Kara Swisher and culture news sites like The Cut and Intelligencer. Those who know the subject said New York Times the deal was for more than $300 million.
“This acquisition aligns well with our existing assets and investments and reflects both our interest in advancing culture and our deep commitment to ambitious journalism and agenda-setting conversations,” Murdoch said in a statement. he said.
“This will allow us to implement new tools in the businesses we are building and will add significant production, distribution and editorial capabilities to our group.”
The deal is the first significant transaction since Murdoch cashed in the last of the family’s shares in News Corp and Fox Corp in a deal with his father and brothers last year.
Lupa Systems has made a number of investments in media as well as businesses linked to popular culture, including a streaming service in India and the parent company of the Art Basel fairs. Earlier this year, Murdoch announced plans to launch a new ideas fair in Switzerland.
The Vox podcast network hosts the following shows: Guilty And Where Do We Start? with Esther PerelIt has become Vox Media’s fastest-growing company and, according to the company, will quickly take Lupa to the top of the podcast space.
The new Vox Media will be led by co-founder Jim Bankoff, who has led the company since its early days as a network of a dozen grassroots sports blogs.
Bloomberg
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