James Murdoch’s Lupa Systems Acquires New York Magazine and Vox Media’s Podcast Network
On Wednesday, James Murdoch’s Lupa Systems announced it has finalized a deal to purchase New York Magazine along with Vox Media’s podcast network and the news site Vox.com.
Details regarding the sale, which encompasses roughly half of Vox Media, have not been made public.
According to sources familiar with the matter, the transaction is valued at over $300 million, as reported by The New York Times.
Murdoch, who is the youngest son of media tycoon Rupert Murdoch and previously worked as an executive at New York Magazine, started Lupa in 2019 after leaving his position as CEO of 21st Century Fox.
This acquisition is anticipated to close within the next few weeks and represents Lupa’s most significant purchase to date.
At 53, James Murdoch found himself with considerable funds following a major $3.3 billion settlement last year, which established control over the Pater family’s media empire, including the parent company of Fox News and News Corp.
“This acquisition fits seamlessly with our current investments and reflects our commitment to innovative culture and ambitious journalism,” Murdoch stated. He added that the deal would allow them to enhance various aspects of their business, enhancing production, distribution, and editing capabilities.
By acquiring the renowned magazine and podcasting platform, which features popular shows like “Pivot,” hosted by Kara Swisher and Scott Galloway, Lupa significantly expands its media holdings.
Lupa already has a major stake in Tribeca Enterprises, which operates the Tribeca Film Festival, and also supports Bodhi Tree Systems, a large media investor in India.
Furthermore, Murdoch and his wife Kathryn have established Quadrivium, which backs nonprofit journalism projects like The 19th, a newsroom centered on gender and politics, and The Bulwark, an anti-Trump digital media outlet.
The remaining parts of Vox, excluding Eater, Popsugar, SB Nation, The Dodo, and The Verge, will continue under the leadership of Jim Bankoff, a Vox Media co-founder who has been integral to its development since its early days as a small network of sports blogs.
Bankoff will become the CEO of the new entity following the deal’s completion.
“We’re thrilled to partner with James and Lupa Systems,” he remarked. “With Lupa’s guidance, we aim to become a leading hub for talent and a dynamic media company moving forward.”
This sale, for which LionTree provided advisory services, signals the conclusion of an era characterized by high valuations in digital media.
Vox Media was reportedly valued at around $1 billion in 2015, but this valuation did not encompass New York Magazine or the podcast network.
At that time, Vox was part of a group of high-value digital media entities like BuzzFeed and Vice Media, which had a staggering valuation of $5.7 billion in 2017. However, Vice has now filed for bankruptcy, while BuzzFeed has announced plans to sell a 52% stake to entrepreneur Byron Allen for $120 million, considerably lower than its previous valuation of $1.7 billion.
