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 younger son of Australian media mogul Rupert Murdoch.
In the deal announced on Wednesday, James Murdochโs Lupa Systems, a media and technology holding company, will acquire Voxโs 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, arenโt included in the deal.
Financial terms werenโt 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.
โThis 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,โ Murdoch said in the statement.
โIt will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group.โ
The deal marks the first notable transaction since Murdoch cashed out the last of his share of the familyโs 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
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
