James Murdoch, the second son of media magnate Rupert Murdoch, has agreed to acquire half of Vox Media, including New York Magazine, in a deal reportedly valued at approximately $300 million. The acquisition is the largest for Murdoch since the resolution of a family dispute over control of media holdings.
Details of the Acquisition
The 53-year-old publishing scion is purchasing the assets through his company, Lupa Systems, which already holds stakes in Art Basel, Tribeca Enterprises, and the Indian streaming service Bodhi Tree Systems. The deal, announced on Wednesday, sees Murdoch acquiring a 50% stake in Vox Media. Notably, New York Magazine was once owned by his father, Rupert Murdoch.
Murdoch's Vision
In an interview with the New York Times, James Murdoch stated that he is not seeking a "daily news business" but rather aims to invest in "longer-form, thoughtful journalism that can really speak to the culture." He added, "We want to create platforms where really amazing, talented people can come and do the best work of their lives." New York Magazine and its online offshoots—The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street—are known for producing stories that are often optioned by Hollywood.
Context of the Deal
This acquisition marks Murdoch's most significant deal since the family resolved a protracted dispute over the future control of their media empire. As part of a settlement, James Murdoch and his siblings received approximately $1 billion, while control was transferred to his elder brother, Lachlan Murdoch. Prior to the family feud, which included a legal battle in Reno, Nevada, Murdoch served as CEO of 21st Century Fox, Europe's BSkyB and Sky plc, and Asia's Star TV.
Excluded Properties
Certain Vox Media properties, including Eater, Popsugar, SB Nation, The Dodo, and The Verge, are not part of the transaction. The deal notably includes Vox's podcast series.
Official Statements
In a statement, Murdoch said the 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." Vox Media CEO Jim Bankoff informed staff in a note that "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." He added, "James and Kathryn Murdoch understand what we’re building, respect editorial independence, and are deeply committed to this new company’s success."
