James Murdoch to acquire half of Vox Media in deal reportedly worth $300m
Summary
James Murdoch will buy half of Vox Media, including New York magazine, in a deal worth about $300 million through his company Lupa Systems. The deal does not include all Vox properties and aims to focus on long-form journalism and culture-related content.Key Facts
- James Murdoch is buying half of Vox Media for around $300 million.
- The purchase includes New York magazine and its online brands like The Cut, Vulture, and Grub Street.
- Some Vox properties like Eater, Popsugar, SB Nation, The Dodo, and The Verge are not part of the deal.
- The acquisition also includes Vox’s podcast series, which reaches 58% of Americans monthly.
- James Murdoch’s company, Lupa Systems, has other media and entertainment investments.
- This is Murdoch’s largest media acquisition since a family dispute ended with a $1 billion settlement.
- Vox Media’s CEO said the split into two companies will help each succeed and praised the Murdochs’ respect for editorial independence.
- Murdoch wants to focus on thoughtful journalism rather than daily news.
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