James Murdoch, second son of publishing giant Rupert Murdoch, has agreed to acquire some of Vox Media’s assets, including New York Magazine, in a deal believed to be worth about $300m.
The 53-year-old publishing scion is acquiring the assets through his company, Lupa Systems, which has built up holdings in Art Basel, the traveling art fair business, and Tribeca Enterprises, the media and entertainment company co-founded by Robert De Niro, and Bodhi Tree Systems, a strategic investment platform that is a major stakeholder of India’s largest media and entertainment company, JioStar.
In the deal announced on Wednesday, Murdoch will acquire half of Vox Media. In a twist of fate that will not be lost on media observers, the title was once owned by the elder Murdoch.
The younger Murdoch told the New York Times that he was not looking to acquire a “daily news business” but wanted “longer-form, thoughtful journalism that can really speak to the culture”.
“We want to create platforms where really amazing, talented people can come and do the best work of their lives,” he added. New York Magazine and its online spin-offs The Cut, Vulture, Intelligencer, The Strategist, Curbed and Grub Street, are well known for producing stories then optioned by Hollywood.
The deal is the biggest acquisition for Murdoch since he and his family resolved a protracted dispute over future control of the family’s media holdings. As part of a settlement, James Murdoch and his siblings received about $1bn and control was handed over to the elder Lachlan Murdoch.
Before the dramatic family bust-up over control, which included a legal face-off in a Nevada courtroom, Murdoch served as the CEO of 21st Century Fox, Sky UK, and CEO of Hong Kong-based Star TV.
He is still the owner of hundreds of publishing outlets around the world, including the Sun, the Times, the Wall Street Journal and the New York Post through his company News Corp.
Murdoch told the New York Times he was not trying to do something differently from his father but rather “just trying to build a great business” and that his father’s previous ownership held no special significance.
Certain Vox Media properties, including Eater, PopSugar, SportsBlogs Nation, the Dodo and the Verge, are not included in the transaction.
In an official comment, Murdoch said the 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”.
The deal includes Vox’s podcast series, a fast-growing segment with the Vox business. Podcasts are estimated to reach 58% of Americans monthly, including two out of three people between the ages of 18 and 54, according to Edison Research.
In a note to staff, Vox Media’s CEO, Jim Bankoff, said: “Separating into two distinct companies best sets up our brands, shows, businesses, talent, and teams to continue to lead and prosper in the changing media landscape.
“James and Kathryn Murdoch understand what we’re building, respect editorial independence, and are deeply committed to this new company’s success.”
