James Murdoch, the younger son of media mogul Rupert Murdoch, has taken a significant stride towards creating his own media empire by striking a deal with the digital company, Vox Media. The agreement will see Murdoch’s company, Lupa Systems, acquire New York magazine, the Vox Media Podcast Network, and the Vox editorial brand. In a statement regarding the acquisition, Murdoch pledged a commitment to “ambitious journalism and agenda-setting conversations.”
Vox Media is recognized as having a liberal-leaning stance in the media industry, making this acquisition a significant move for James Murdoch. The 53-year-old’s father, Rupert Murdoch, owned New York Magazine from 1976 until 1991. James’ acquisition comes less than a year after the Murdoch family secured a deal on the control of Rupert Murdoch’s media empire post his demise. This arrangement ensured that the direction of Fox News, a network popular among conservatives, would remain unchanged under the stewardship of Rupert’s chosen heir, Lachlan Murdoch.
The new agreement, expected to close within weeks, will see Lupa Systems acquire about half of Vox Media’s divisions. Both Vox Media and Lupa Systems have refrained from disclosing the sum of the acquisition. However, sources familiar with the matter, as cited by The New York Times, have suggested the deal to be worth more than $300 million. The acquired divisions will operate as a subsidiary of Lupa Systems, under the name Vox Media.
The acquisition will not include all of Vox’s brands. Eater, Popsugar, SB Nation, The Dodo, and The Verge will remain outside the scope of the deal. However, along with New York magazine, the agreement will encompass its verticals The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street.
Additionally, the Vox Media Podcast Network will be part of the acquisition. The network, which features popular shows like “Criminal” and “Pivot” with Kara Swisher and Scott Galloway, has been Vox Media’s fastest-growing business. According to a statement by Vox, the acquisition of the network will immediately position Lupa Systems at the forefront of the podcast field.
James Murdoch is a former CEO of 21st Century Fox and is known for holding less conservative views than his father. He resigned from the board of News Corporation in 2020 due to differences regarding content and direction. In the deal reached last year, James, along with his two older sisters, Prudence MacLeod and Elisabeth Murdoch, relinquished any claims to the control of Fox in exchange for stock valued at $3.3 billion at the time.
This agreement led to the creation of a trust that established control of Fox Corp. for Lachlan Murdoch and his younger sisters, Grace and Chloe. Speaking about the deal with Vox, James Murdoch stated that the acquisition aligns well with their current holdings and investments. He emphasized their interest in cultural progression and their commitment to ambitious journalism and agenda-setting conversations.
Murdoch believes that the deal will allow them to implement new tools across their businesses, thereby augmenting their production, distribution, and editorial capabilities. He expressed enthusiasm about the prospects the acquisition would bring to their group.
The current Vox chairman and CEO, Jim Bankoff, will continue to lead the new Vox Media and will become the CEO of the new company upon closing. Bankoff expressed pride in having developed and scaled several leading media properties of this generation. He expressed optimism about the future under Lupa’s stewardship, stating that they are primed to be the most dynamic media company of the new era.
New York magazine’s editor-in-chief, David Haskell, informed subscribers via email about the change in ownership, making Lupa the magazine’s sixth owner since 1968. Haskell reassured subscribers that the magazine would continue with the fearless, independent journalism they expect.
He promised that the magazine would continue to create news cycles, stimulate conversations, contribute to crucial debates in politics and society, identify and explore what’s most interesting in contemporary culture. Haskell emphasized their perpetual aim to challenge their readers, surprise them, and help them make sense of the modern world.
This article was written by Jocelyn Noveck, who covers the intersection of media and entertainment for The Associated Press.
