James Murdoch Acquires Key Vox Media Divisions

James Murdoch, the son of billionaire media figure Rupert Murdoch, is set to acquire three significant divisions of Vox Media.

His media and technology company, Lupa Systems, announced on Thursday that it has reached an agreement to purchase New York Magazine, the Vox Media Podcast Network, and Vox.com. The total cost for this acquisition is reportedly $300 million, according to sources cited by The Wall Street Journal.

These properties will function under a new subsidiary of Lupa Systems named Vox Media. Murdoch commented that this acquisition “fits well with our existing holdings and investments,” indicating a strong interest in advancing culture and supporting ambitious journalism. He further noted that it would enable the use of innovative tools across the expanding businesses, enhancing production and editorial capabilities.

When asked for comments, both Lupa Systems and Vox Media directed inquiries to Lupa’s official press release issued on Thursday. New York Magazine has yet to respond to requests for comment.

Vox Media’s CEO, Jim Bankoff, informed staff on Thursday that several of Vox’s remaining properties, including Eater, Popsugar, SB Nation, The Dodo, and The Verge, would be consolidated into a second independent company. A new corporate name is expected to be announced in the coming weeks, with Vox Media President Ryan Pauley continuing as the leader.

Interestingly, Vox Media had acquired New York Magazine just a few years prior for $105 million, as reported by Deadline.

James Murdoch has held significant positions in the media landscape, including serving as CEO of 21st Century Fox. He stepped back from the board of directors at News Corporation in 2020, reportedly due to differences related to the editorial direction of the company’s media outlets.