James Murdoch’s Lupa Systems is reportedly negotiating to acquire Vox Media’s New York magazine and its podcast division, a potential game-changer for the struggling digital media landscape.
Recently, Vox has been contemplating offloading the well-known Lefty magazine along with its podcast network, as indicated by a source close to the situation. However, there’s a chance, perhaps a decent one, that Murdoch’s deal might not go through.
Murdoch, who is the youngest son of Rupert Murdoch, the founder of News Corp and owner of the New York Post, started Lupa in 2019 after leaving his role at 21st Century Fox.
Under the umbrella of Vox Media, you’ll find not only New York Magazine and the Vox Media Podcast Network—which features popular shows like Pivot, hosted by Scott Galloway and Kara Swisher—but also properties such as Eater and SB Nation. Reports suggest that Vox is weighing various options, including selling parts of its business or even the entire company.
This sale process has drawn interest from several parties, including the parent company of MS NOW, Versant.
If Murdoch proceeds with the acquisition of New York Magazine and the podcast division, it would significantly enhance Lupa’s media assets. Lupa already holds a majority share in Tribeca Enterprises, which runs the Tribeca Film Festival, and provides funding for Bodhi Tree Systems, one of India’s leading media investors.
Additionally, Murdoch and his wife Kathryn have established Quadrivium, which supports media outlets like The 19th, a nonprofit newsroom dedicated to gender and political issues, and The Bulwark, a digital platform with a “Never Trump” stance.
Financially, Murdoch is in a strong position after selling part of his family’s media interests to Disney in 2019 and a significant settlement with Rupert Murdoch last year regarding family trusts. Each of his siblings, Elizabeth and Prudence, along with him, will gain approximately $1.1 billion from the settlement, solidifying Lachlan Murdoch’s role at the helm of the media operation.
For Vox Media, a sale to James Murdoch could signify a pivotal shift for the privately-owned digital entity. Under CEO Jim Bankoff’s leadership, the company has evolved over the past 15 years from a sports blog like SB Nation into a substantial digital presence, encompassing New York Magazine, The Dodo, Eater, and Recode, the tech site co-founded by Swisher, known for launching the company’s first podcast.
Nevertheless, the digital media sector is facing mounting challenges as advertising dollars increasingly move toward social media platforms. This shift has prompted Bankoff to explore new strategies. In 2023, Penske Media, which owns Rolling Stone and Variety magazines, made a strategic investment of $100 million and became Vox’s largest shareholder.
