James Murdoch is expanding his media empire through a deal to acquire several major Vox Media properties, including New York Magazine, Vox.com and the company’s podcast network, according to announcements released on Tuesday.
The acquisition is being made through Murdoch’s investment firm, Lupa Systems and financial terms were not officially disclosed, though Reuters reported the transaction is valued at more than $300 million, citing sources familiar with the matter.
The agreement does not include several other Vox Media brands, including The Verge, Eater, SB Nation, PopSugar and The Dodo, which will continue operating separately. Vox Media said the transaction will effectively divide the company into two independent businesses.
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Murdoch said in a statement: “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.” The purchase also gives Lupa Systems control over a large podcast operation that includes shows such as “Pivot,” hosted by Kara Swisher and Scott Galloway.
According to Reuters, the hosts are expected to remain under contract for at least three additional years.
James Murdoch previously served in leadership positions at 21st Century Fox and News Corp, companies founded by his father, media executive Rupert Murdoch. He resigned from the News Corp board in 2020, citing disagreements over editorial content and strategic decisions. Since then, he has focused on investments through Lupa Systems, which has backed media, technology and entertainment ventures.
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Vox Media was founded in 2011 and built its reputation around explanatory journalism, digital publishing and podcast production. The company expanded rapidly during the growth of digital-first media businesses and later faced industry-wide challenges tied to advertising slowdowns and shifting audience habits across social media platforms.
Jim Bankoff, Vox Media’s chief executive officer, is expected to continue leading the newly formed company under Lupa Systems ownership after the transaction closes, according to company statements. The deal is expected to close in the coming weeks pending final approvals.