James Murdoch to take over New York Magazine and Vox Media Podcast Network | Media News

The deal, valued at more than $300m, gives Murdoch control of the popular magazine and podcast segment that can be bought by advertisers.

Media scion James Murdoch has agreed to acquire New York Magazine and the Vox Media Podcast Network in a deal that will significantly expand his profile and stand to strengthen his influence in news and entertainment.

“This acquisition demonstrates our interest in the advancement of culture and our commitment to the media industry,” Murdoch, the youngest son of media mogul Rupert Murdoch, said Wednesday in announcing the deal. His company Lupa Systems will buy assets from Vox Media.

The deal, valued at more than $300m, gives Murdoch control of a popular magazine known for covering culture, politics and fashion, as well as a podcast division whose reach, among audiences left by advertisers, rivals that of television, according to several people with direct knowledge of the purchase. The political website Vox.com is also included.

Murdoch and his wife Kathryn Murdoch have been involved in dating great talent from Vox, notably Kara Swisher and Scott Galloway, stars of the popular Pivot podcast, as well as several other programs on the company’s podcast network.

“I love James and Kathryn,” Swisher said in a phone interview. “Unlike most media owners today, he knows the business very well and is willing to take risks.”

Vox’s podcast segment was more valuable than New York Magazine in the case, two of the people said, highlighting the need to ensure that top programs are locked in. Swisher met with the investor and his wife Kathryn several times before the deal.

“At a company like Vox, if the talent doesn’t like something, it’s not going to happen,” Galloway said in an interview. He added, “James is the only Murdoch that this deal could have been done with.”

A few years ago, James was locked in a heated argument with his father over editorial direction and the future direction of social media. In 2019, he founded Lupa after stepping down as CEO of 21st Century Fox. In 2020, he resigned from News Corp, the family’s news outlet, citing “disagreements over some issues”.

Vox’s podcast and media products will operate as part of Lupa Systems, which also owns Art Basel, which holds annual events in Paris, Miami, Hong Kong, and Doha, and Tribeca Enterprises, the media and entertainment company founded by Robert De Niro and Jane Rosenthal.

Vox Media CEO Jim Bankoff will join Lupa Systems and continue to lead sales under the Vox Media label, he said in a memo to the company’s employees, adding that the deal is expected to close in four to six weeks.

New York Magazine publications include The Cut, Vulture and Intelligencer, with millions of readers and more than 400,000 paying subscribers currently.

The acquisition does not include other Vox Media brands such as Eater, Popsugar and The Verge. These brands, along with SB Nation and The Dodo, will become an independent company under the new corporate name.

James’ father, Rupert Murdoch, owned New York Magazine from the late 1970s until he sold it in 1991.