NEW YORK – Media mogul James Murdoch, known for his ambitions in the world of journalism, has made a significant move in the media landscape by partnering with Vox Media. This deal allows him to acquire New York magazine, the Vox Media Podcast Network, and the Vox editorial brand, showcasing his commitment to “ambitious journalism and agenda-setting conversations.”
This acquisition is particularly noteworthy as it marks a new chapter for James Murdoch, the younger son of Rupert Murdoch, who previously owned New York Magazine from 1976 to 1991. The timing is also significant, coming less than a year after the Murdoch family ensured the continuity of control over their media empire, particularly with Fox News, which is a go-to for many conservatives. Lachlan Murdoch, Rupert’s chosen successor, will continue to lead Fox.
The deal is expected to close soon, with Lupa Systems—James Murdoch’s media company—taking over about half of Vox Media. While the exact financial details are not disclosed, reports suggest the deal is valued at over $300 million. The newly acquired divisions will operate under a subsidiary named Vox Media.
What’s Included in the Deal?
The acquisition includes New York magazine and its popular verticals like The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street. It also encompasses the Vox Media Podcast Network, which features hit shows such as “Criminal” and “Pivot.” This podcast network has been a rapidly growing segment of Vox Media, positioning Lupa as a formidable player in the podcasting arena.
James Murdoch’s Vision
James Murdoch, who previously held the CEO position at 21st Century Fox, has expressed a desire to move away from the more conservative views often associated with his father. In a deal finalized last year, he and his sisters relinquished their control over Fox in exchange for stock worth about $3.3 billion. This restructuring established a trust for Lachlan Murdoch and his sisters, reinforcing their influence over Fox Corp.
In his remarks about the Vox acquisition, James stated that it aligns with Lupa’s existing interests and reflects a commitment to journalism that sparks important conversations. He believes it will enhance their editorial capabilities and broaden their cultural impact.
Leadership Transition
Following the acquisition, Jim Bankoff, the current CEO and chairman of Vox, will continue to lead the new Vox Media. He expressed pride in the achievements of the team and is optimistic about the future under Lupa’s stewardship, aiming to nurture talent and innovate within the media landscape.
David Haskell, editor-in-chief of New York magazine, reassured readers that despite the change in ownership, the publication would maintain its fearless and independent journalism. He emphasized their commitment to engaging readers with critical discussions on contemporary culture and significant societal debates.
In conclusion, this acquisition signals a transformative moment for both James Murdoch and the Vox Media brand. With a focus on ambitious journalism and a fresh perspective on media, the future promises to be exciting.
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Jocelyn Noveck covers the intersection of media and entertainment for The Associated Press.
