James Murdoch to Acquire Half of Vox Media in $300m Deal

The Acquisition Deal

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 around $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 the Indian streaming service Bodhi Tree Systems.

Murdoch's Vision for Vox Media

In the deal announced 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 Financial Context

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.

The Future Outlook

Certain Vox media properties, including Eater, Popsugar, SB 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 notably includes Vox’s podcast series, which reaches 58% of Americans monthly, according to Edison Research, including two out of three people between the ages of 18 and 54.