Murdoch to Acquire New York Magazine and Vox Media Podcast Network

Save Share Media scion James Murdoch has agreed to acquire New York Magazine and the Vox Media Podcast Network for over $300 million. The deal will significantly expand his portfolio, giving him control of a storied magazine known for its coverage of culture, politics, and fashion, as well as a podcast division with a reach valued by advertisers.

Lupa Systems, owned by Murdoch, will purchase both properties from Vox Media. The acquisition includes the popular Pivot podcast, hosted by Kara Swisher and Scott Galloway, among others. According to sources, Vox’s podcast division was valued higher than New York Magazine in the transaction, highlighting the importance of securing top talent.

Murdoch and his wife Kathryn were involved in courting key talent from Vox, including Swisher and Galloway. The deal is expected to close in four to six weeks, with Vox Media CEO Jim Bankoff joining Lupa Systems as part of the acquisition.

New York Magazine’s publications include The Cut, Vulture, and Intelligencer, which have a digital audience of tens of millions and over 400,000 paying subscribers. The acquisition does not include other Vox Media brands such as Eater, Popsugar, and The Verge, which will become an independent company under a new corporate name.

Lupa Systems also owns Art Basel and Tribeca Enterprises, among other assets. Murdoch founded Lupa after stepping down as chief executive of 21st Century Fox in 2019 and resigned from the board of News Corp in 2020 due to disagreements over editorial content.

Source: Al Jazeera