James Murdoch, the son of media mogul Rupert Murdoch, has struck an agreement with Vox Media to bring New York magazine and Vox Media’s editorial and podcast brands under a new ownership structure run through Murdoch’s Lupa Systems, the Associated Press reported.
The deal is expected to close within weeks and will give Lupa Systems control over multiple publishing properties, with both Vox Media and Lupa Systems declining to disclose the purchase price, the AP said. The New York Times cited people familiar with the matter saying it was more than $300 million.
Under the agreement, Lupa Systems will acquire the three Vox Media divisions—about half of Vox Media—according to the AP report. The transaction is structured so the acquired divisions will operate, “according to a statement,” as a subsidiary of Lupa called Vox Media.
Murdoch’s planned approach, as described in his remarks about the deal, emphasizes “ambitious journalism and agenda-setting conversations.” He said the acquisition “aligns well with our existing holdings and investments” and reflects his “interest in the forward edge of culture” along with a “deep commitment to ambitious journalism and agenda-setting conversations.” He added that it would allow his group to apply “new tools,” including “substantial production, distribution, and editorial capability,” per the AP.
The list of properties included in the acquisition covers New York magazine and several of its verticals, including The Cut, Vulture, Intelligencer, The Strategist, Curbed and Grub Street. The AP report said some Vox Media brands would not be part of the transaction, including Eater, Popsugar, SB Nation, The Dodo and The Verge.
The agreement also includes the Vox Media Podcast Network. The Vox statement cited by the AP said the network has been “the fastest growing business within Vox Media” and that it would “immediately put Lupa at the top of the podcast field,” adding that the network features shows such as “Criminal” and “Pivot,” with Kara Swisher and Scott Galloway.
Leadership continuity is also central to the deal terms. The AP report said Vox chairman and CEO Jim Bankoff will lead the new Vox Media, becoming CEO of the company upon closing.
David Haskell, New York magazine’s editor-in-chief, told subscribers by email that Lupa would become the magazine’s sixth owner since 1968, according to the AP report. Haskell said the magazine would keep publishing the “fearless, independent journalism that you expect from us,” and he promised the outlet would continue creating news cycles, starting conversations and contributing to debates in politics and society, while “always do[ing] our best to challenge” readers.
The acquisition adds to Murdoch’s growing media footprint and is positioned by the AP as a further step in his move toward building a personal media empire, coming after a separate agreement in the wake of Rupert Murdoch’s death that left control of Fox News with Lachlan Murdoch and ensured continuity in Fox News direction. The AP reported that James Murdoch is known for holding less conservative views than his father and that he previously gave up claims to control of Fox in exchange for stock valued at $3.3 billion in an agreement among the Murdoch siblings about Fox’s control.