New York — Promising a commitment to “ambitious journalism and agenda-setting conversations,” media scion James Murdoch has struck a deal with digital company Vox Media to acquire New York magazine, the Vox Media Podcast Network and the Vox editorial brand.
The deal with Fox, widely seen as liberal-leaning, represents a major move toward his own media empire for the 53-year-old younger son. rupert Murdoch, who owned New York magazine from 1976 until 1991. This comes less than a year after the Murdoch family It reached an agreement to take control of the 95-year-old mogul’s media empire After his death, ensuring that there would be no change in direction at Fox News, the most popular network among conservatives, under Rupert’s hand-picked heir, Lachlan Murdoch.
Under the new deal, which is expected to close within weeks, Lupa Systems, James Murdoch’s media company, will acquire all three divisions – about half of Vox Media. Neither Vox Media nor Lupa revealed the amount. The New York Times quoted people familiar with the matter as saying that the amount exceeds $300 million. The acquired divisions, according to a statement, will operate as a subsidiary of Lupa – called Vox Media.
Brands Vox Eater, Popsugar, SB Nation, The Dodo and The Verge were not included in the deal. But the deal includes, in addition to New York Magazine, its sectors such as The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street.
It also includes the Vox Media Podcast Network. Which features hugely popular shows like “Criminal” and “Pivot” with Kara Swisher and Scott Galloway. The network “was the fastest-growing business within Vox Media and will immediately put Lupa at the top of the podcasting space,” a Vox statement said.
James Murdoch, the former CEO of 21st Century Fox who resigned from News Corporation’s board in 2020 over disagreements over content and direction, is known to have less conservative views than his father. In the deal reached last year, James and his two older sisters. Prudence MacLeod and Elizabeth Murdoch ceded any claims to control of Fox in exchange for shares valued at the time at $3.3 billion.
This deal created a trust to control Fox Corp Lachlan MurdochWith his younger sisters Grace and Chloe.
In his own comments about the Vox deal, James Murdoch said the acquisition “fits well with our existing holdings and investments and reflects our interest in cultural advancement and our deep commitment to aspirational journalism and agenda-setting conversations.”
“It will allow us to apply new tools across the companies we are building, adding significant production, distribution and editorial capacity to our portfolio,” Murdoch said.
Jim Bankoff, Vox’s current chairman and CEO, will lead the new Vox Media company, becoming CEO of the new company when it closes.
“We are extremely proud to have built and scaled several of this generation’s leading media properties,” Bankoff said. “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.”
David Haskell, editor-in-chief of New York Magazine, noted in an email to subscribers that Luba is now the magazine’s sixth owner since 1968.
Haskell promised that the magazine would continue to provide “the courageous, independent journalism you have come to expect from us.”
“We will continue to create news cycles, start conversations, contribute to the most important debates in politics and society, identify and explore what is most interesting in contemporary culture, and always do our best to challenge our readers, surprise them, and help them understand the modern world,” Haskell said.
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Jocelyn Novick covers the intersection of media and entertainment for The Associated Press.