James Murdoch is purchasing a large portion of Vox Media. That acquisition splits the company in two.
What We Know: James Murdoch’s Lupa Systems company is acquiring New York Magazine, the Vox Media Podcast Network, and Vox for $350 million. He’ll have the Vox Media name and brand going forward. A new independent company under a new name will combine the remaining outlets. They include SB Nation, The Dodo, The Verge, Eater, and Pop Sugar, among others.
What They Said: “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. Each company will be better positioned to grow within a focused portfolio of complementary businesses. Lupa’s investments in Tribeca Enterprises and Art Basel reflect the same belief in culture, creativity, and talent that defines New York Magazine, Vox, and the podcast network, a business that has become our fastest-growing over the past five years.” -Vox Media CEO Jim Bankoff
What Remains Unclear: When the deal will officially be completed. Bankoff estimates that the deal will officially be complete in four to six weeks. The new independent company’s name also remains unknown. Staffing levels and any potential changes at those outlets are also unclear.
What It Means: Vox Media has been trying for a sustained length of time to sell. It hadn’t been shy in its hopes to split the company. It believed there was a greater value in two separate companies. It’s also interesting that Bankoff will serve as CEO of the Lupa Systems side of the company. His experience in operating the brand will be valuable to the new company.
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Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.
