Christopher Palmeri
James Murdoch has agreed to buy a significant chunk of Vox Media for more than $US300 million ($419 million), marking a major expansion into US media for the youngest son of Australian media mogul Rupert Murdoch.
In the deal announced on Wednesday, James Murdoch’s Lupa Systems, a media and technology holding company, will acquire Vox’s podcast network and New York magazine, a publication once owned by Murdoch senior.
Other properties owned by Vox Media, including technology website The Verge and lifestyle publication Popsugar, aren’t included in the deal.
Financial terms weren’t disclosed, but Murdoch had offered $US300 million for the properties, which include popular shows such as Pivot with Kara Swisher and culture news sites including The Cut and Intelligencer. People familiar with the matter told The New York Times the deal was more than $US300 million.
“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,” Murdoch said in the 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 deal marks the first notable transaction since Murdoch cashed out the last of his share of the family’s interest in News Corp and Fox Corp last year in an agreement with his father and siblings.
Lupa Systems has made a number of investments in media as well as businesses tied to pop culture, including a streaming service in India and the parent company of the Art Basel fairs. Earlier this year, Murdoch revealed plans to launch a new ideas expo in Switzerland.
The Vox podcast network, home to shows including Criminal and Where Should We Begin? with Esther Perel, has been the fastest growing business within Vox Media and will immediately put Lupa at the top of the podcast field, according to the company.
The new Vox Media will be led by co-founder Jim Bankoff, who has led the company since its early days as a network of a dozen grassroots sports blogs.
Bloomberg
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