James Murdoch to acquire half of Vox Media in deal reportedly worth $300m | James Murdoch
James Murdoch, the second son of publishing giant Rupert Murdoch, has agreed to buy some of Vox Media’s assets, including New York magazine, in a deal believed to be worth around $300 million.
The 53-year-old publishing owner is buying the assets through his company Lupa Systems, which has established holdings in traveling art fair business Art Basel, as well as Tribeca Enterprises, the media and entertainment company co-founded by Robert De Niro, and Indian streaming service Bodhi Tree Systems.
In the deal announced Wednesday, Murdoch will buy half of Vox Media. In a twist of fate, this title, which will not go unnoticed by media observers, once belonged to the elder Murdoch.
Young Murdoch he told the New York Times He said he didn’t want to get a “daily news job” but wanted “more long-form, thoughtful journalism that can really speak to the culture.”
“We want to create platforms where truly amazing, talented people can come and do the best work of their lives,” he added. New York magazine and its online spinoffs The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street are known for producing stories favored by Hollywood at the time.
The deal marks Murdoch’s biggest acquisition as he and his family resolve a long-running dispute over future control of the family’s media holdings. As part of the deal, James Murdoch and his brothers received nearly $1 billion and handed over control to the elder Lachlan Murdoch.
Before the dramatic domestic control fight, which included a courtroom legal showdown in Reno, Nevada, Murdoch served as CEO of 21st Century Fox and BSkyB and Sky plc in Europe and CEO of Star TV in Asia.
He told the Times that he was not trying to do anything different from his father, but instead was “just trying to build a big business” and that his father’s previous ownership was not of particular importance.
Certain Vox media properties, including Eater, Popsugar, SB Nation, The Dodo and The Verge, are not included in the transaction.
In an official comment, Murdoch said the 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.”
Specifically, the deal includes Vox’s monthly podcast series, which reaches 58% of Americans. According to Edison ResearchIncluding two in three people aged 18 to 54.
“Separating into two distinct companies best ensures that our brands, programs, businesses, talent and teams can continue to lead and thrive in the changing media landscape,” Vox Media CEO Jim Bankoff said in a memo to staff.
“James and Kathryn Murdoch understand what we are building, respect editorial independence, and are deeply committed to the success of this new company.”
