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James Murdoch’s Lupa Systems media and tech holding company, is buying a big swath of Vox Media’s holdings.
Murdoch’s company has agreed to acquire New York Magazine, the Vox Media Podcast Network and Vox.com. Terms of the deal weren’t disclosed. Lupa is paying more than $300 million for the collection of Vox Media assets, the New York Times reported, citing anonymous sources.
New York Magazine, the podcasts and Vox.com will operate as a subsidiary of Lupa Systems — which will be called “Vox Media.” Other former Vox Media properties Eater, Popsugar, SB Nation, The Dodo and The Verge are not included in the transaction.
“This acquisition aligns well with our existing holdings and investments and reflects both
our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations,” James Murdoch said in a statement. “It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group.”
The new Vox Media will continue to be led by Jim Bankoff, who co-founded the company and has led its growth since its early days as a network of a dozen grassroots sports blogs. He will be CEO of the new company upon closing.
Lupa’s acquisition of New York Magazine includes its digital vertical sites The Cut, Vulture, Intelligencer, The Strategist, Curbed and Grub Street, while Vox.com includes podcasts like “Today, Explained.” The Vox Media Podcast Network includes shows such as “Pivot” with Kara Swisher and Scott Galloway, “Criminal” and “Where Should We Begin?” with Esther Perel.
“I couldn’t be more thrilled to partner with James and Lupa Systems. Each one of these Vox Media divisions is marked by its strong relevance with audiences, its commitment to quality, and its enormous growth potential. We are incredibly proud to have built and scaled several of the leading media properties of this generation. Together under Lupa’s stewardship we are primed to be the best home for talent and the most dynamic media company of this new era,” said Bankoff in a statement.
LionTree acted as financial adviser to Vox Media in connection with the transaction.
Lupa Systems, founded by James Murdoch in March 2019, is a private holding company with locations in New York and Mumbai.
