The deal is done: James Murdoch’s Lupa Systems has been acquired New York Vox Media Podcast Network and Vox Magazine.
Notably, Jim Bankoff, CEO of Vox Media, will also be joining New York Vox is part of the new company that will be called Vox Media. Terms of the deal were not disclosed, however New York Times Its value was estimated at more than $300 million.
The deal gives Murdoch control of the landmark magazine, which includes sub-brands such as The Cut, Vulture, Intelligencer, The Strategist, Curbed and Grub Street, as well as Vox.com, which created the explainer news format and produces popular shows such as Today, Explained. Podcast networks include shows like Axis With Kara Swisher and Scott Galloway, criminal, and Where should we start? With Esther Berel.
Murdoch’s father, Rupert Murdoch, once owned it New YorkAlthough he sold it in 1991.
“This acquisition aligns well with our existing holdings and investments and reflects our interest in cultural advancement and our deep commitment to ambitious journalism and agenda-setting conversations,” Murdoch said in a statement. “It will allow us to apply new tools across the businesses we are building, and add significant production, distribution and editorial capacity to our portfolio.”
Eater, Popsugar, SB Nation, The Dodo, and The Verge were not included in the deal. It’s not immediately clear what will happen with those media brands. Ryan Pauley will lead the RemainCo team.
“I couldn’t be more thrilled about this partnership with James and Luba Systems,” said Bankoff. “Each Vox Media division has a strong connection to audiences, a commitment to quality, and tremendous growth potential.” “We are extremely proud to have built and scaled several of this generation’s leading media properties. Together under Lupa’s leadership, we are poised to be the best home for talent and the most dynamic media company of this new era.”
Murdoch, of course, settled a long-running family dispute last fall over control of the family’s media assets Fox Corp. And News Corp. The settlement left Lachlan Murdoch in firm control of those assets, with James Murdoch, Elizabeth Murdoch and Prudence MacLeod each receiving about $1.1 billion.
Although the family is associated with conservative politics, James does not necessarily share the same views. In fact, in 2020, he resigned from News Corp.’s board of directors, writing in a letter that “my resignation is due to disagreements over certain editorial content published by the Company’s news outlets and certain other strategic decisions.”
Lupa Systems also owns MCH Group’s Art Basel fair, as well as Tribeca Enterprises, operator of the Tribeca Film Festival.
Penske Media, Owner Hollywood Reporteralso has a stake in Vox Media as part of a 2023 deal announced by Bankoff and PMC owner Jay Penske.
Gibson Dunn advised Lupa Systems. LionTree served as financial advisor to Vox Media.
