James Murdoch Strikes Deal for Key Vox Media Assets

The deal, announced Wednesday, will see Murdoch’s investment firm, Lupa Systems, purchase Vox Media’s podcast division along with New York magazine, according to Bloomberg. Other Vox Media brands, including technology outlet The Verge and lifestyle platform Popsugar, are not part of the agreement.

Financial details were not disclosed. Bloomberg previously reported that Murdoch had offered about $300 million for the assets, which include well-known podcasts such as Pivot, hosted by Kara Swisher, as well as cultural and news-focused sites including The Cut and Intelligencer.

“This acquisition aligns well with our existing holdings and investments and reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations,” Murdoch said in the statement. “It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group.”

Per Bloomberg, the Vox podcast network has become the company’s fastest-growing business and includes programs such as Criminal and Where Should We Begin? with Esther Perel. The acquisition is expected to immediately position Lupa Systems among the leading players in podcasting, according to the company.

The transaction comes after Murdoch exited the remaining portion of his stake in the family-controlled media empire last year. The move was part of a reported $3.3 billion agreement involving his father Rupert Murdoch and his siblings, aimed at settling a long-running succession dispute within the family.

Murdoch founded Lupa Systems in 2019 and has since invested in a range of media, entertainment, and cultural ventures. Its holdings include investments tied to a streaming platform in India and the company behind the Art Basel fairs. Earlier this year, Murdoch also announced plans to launch a new ideas-focused expo in Switzerland.

The 53-year-old executive has at times publicly differed with his father and older brother Lachlan Murdoch over both leadership and editorial direction at the family’s media businesses, which include The Wall Street Journal, Fox News, and the New York Post.

In 2000, Murdoch resigned from the board of News Corp., citing “disagreements over certain editorial content published by the company’s news outlets and certain other strategic decisions.” He and his wife, Kathryn Murdoch, have also criticized the Murdoch-owned newspapers’ coverage of climate-related issues.

In an interview published Wednesday by The New York Times, Murdoch said the fact that New York magazine had once been owned by his father carried no particular meaning for him. He said he was focused on “thoughtful journalism” and simply trying to “build a great business.”

The restructured Vox Media will continue to be led by co-founder Jim Bankoff, who has overseen the company since its beginnings as a collection of grassroots sports blogs.

Source: Bloomberg