James Murdoch is making another major move into the media business — this time by acquiring New York Magazine, Vox.com and the Vox Media Podcast Network in a deal that further separates his media ambitions from the conservative empire built by his father, Rupert Murdoch.
The acquisition, announced Wednesday, will be carried out through Murdoch’s investment firm Lupa Systems and is valued at more than $300m, according to people familiar with the transaction.
“This acquisition reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism,” Murdoch said in a statement announcing the deal.
The purchase gives Murdoch control of one of the most recognisable magazine brands in American media, along with a podcast operation that has become one of Vox Media’s most valuable assets. The deal also includes Vox.com, the company’s flagship politics and explanatory journalism site.
The transaction highlights how influential podcasting has become inside modern media economics. According to people with direct knowledge of the negotiations, Vox’s podcast division carried a substantially higher valuation than New York Magazine itself, largely because of the advertising power and audience reach of shows like Pivot, hosted by Kara Swisher and Scott Galloway.
Murdoch and his wife Kathryn reportedly spent considerable time personally courting major podcast talent ahead of the acquisition.
“I like James and Kathryn,” Swisher said in a phone interview. “Unlike many other media owners these days, they’re savvy about the business and willing to take smart risks.”
Galloway also suggested the deal depended heavily on Murdoch himself rather than the Murdoch family name more broadly.
“In a company like Vox, if its talent doesn’t like something, it’s not gonna happen,” Galloway said. He added, “James is the only Murdoch that this deal could have happened with.”
The acquisition adds another layer to the long-running split between James Murdoch and the editorial direction associated with his father’s companies. James previously clashed publicly and privately with Rupert Murdoch over politics and newsroom positioning before eventually stepping away from the family business.
He resigned from the board of News Corp in 2020, citing “disagreements over certain editorial content”, after earlier leaving his role as chief executive of 21st Century Fox. He launched Lupa Systems in 2019 as an independent investment vehicle focused on media, technology and culture.
The Vox and New York Magazine assets will now operate as a subsidiary of Lupa Systems, which already owns Art Basel and Tribeca Enterprises, the entertainment company co-founded by Robert De Niro and Jane Rosenthal.
Vox Media CEO Jim Bankoff will remain involved after the acquisition closes and is expected to continue overseeing the brands under the Vox Media umbrella. In a memo to staff, he said the transaction should be completed within four to six weeks.
New York Magazine brings with it a sizable digital footprint, including publications such as The Cut, Vulture and Intelligencer, alongside more than 400,000 paying subscribers.
Not all Vox Media brands are part of the deal, however. Eater, Popsugar, The Verge, SB Nation and The Dodo will instead form a separate independent company under a new corporate structure.
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