James Murdoch has struck a deal to bring New York magazine and Vox Media’s core editorial and podcast businesses under his control, promising what he called “ambitious journalism and agenda-setting conversations,” according to The Associated Press.
The agreement, expected to close within weeks, centers on Lupa Systems, Murdoch’s media company, which will acquire three Vox Media divisions—about half of the company—along with New York magazine. Vox Media and Lupa did not disclose the purchase price. The New York Times reported that the value was more than $300 million, and the AP described that figure as cited by people familiar with the matter.
Vox Media said the acquired divisions will operate as a subsidiary of Lupa called Vox Media once the transaction closes. The Vox Media Podcast Network is included in the deal, and Vox said the network has been its fastest-growing business and is poised to put Lupa at the top of the podcast market.
In describing the acquisition, Murdoch said it “aligns well with our existing holdings and investments” and reflects his interest in the “forward edge of culture” and what he framed as “a deep commitment to ambitious journalism and agenda-setting conversations.” He said the deal will allow his group to apply new tools and add “substantial production, distribution, and editorial capability.”
The transaction also reflects leadership continuity at Vox. The AP reported that Jim Bankoff, the company’s current chairman and chief executive, will lead the new Vox Media and become CEO of the combined company after closing.
For New York magazine, editor-in-chief David Haskell told subscribers by email that Lupa now becomes the magazine’s sixth owner since 1968. Haskell also promised that the publication would keep pursuing “the fearless, independent journalism that you expect from us,” and he said it would continue to create news cycles, start conversations, and challenge readers through coverage of politics, society, and contemporary culture.
The deal’s scope is not all-encompassing across Vox’s portfolio. The AP said brands including Eater, Popsugar, SB Nation, The Dodo, and The Verge will not be part of the acquisition, while New York magazine verticals such as The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street are included.
The agreement arrives amid a broader reshuffling of control within the Murdoch family’s media holdings after Rupert Murdoch’s death. Less than a year ago, the family reached a deal on control of Rupert Murdoch’s media empire that preserved no change in direction at Fox News, with Lachlan Murdoch identified as the selected heir under that arrangement, the AP reported.
James Murdoch, who resigned from the board of News Corporation in 2020 over differences about content and direction, has been described by the AP as holding less conservative views than his father. In a separate deal reached last year, James and his two older sisters—Prudence MacLeod and Elisabeth Murdoch—gave up claims to control of Fox in exchange for stock valued at the time at $3.3 billion. That agreement established a trust to control Fox Corp. for Lachlan Murdoch and his younger sisters, Grace and Chloe, according to the AP.