James Murdoch to acquire New York Magazine and Vox Media Podcast Network

James Murdoch, the heir to a prominent media dynasty, has finalized an agreement to acquire New York Magazine and the Vox Media Podcast Network, a strategic move that will considerably broaden his media holdings and enhance his influence in the news and entertainment sectors.

In a statement revealing the transaction, Murdoch, the youngest son of media titan Rupert Murdoch, remarked, "This acquisition reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism.” His firm, Lupa Systems, will take ownership of both entities from Vox Media.

The transaction is valued at over $300 million and grants Murdoch stewardship of a renowned magazine celebrated for its in-depth coverage of culture, politics, and fashion. Additionally, it secures a formidable podcast division that reaches a demographic highly sought after by advertisers, with reach comparable to that of traditional cable news networks, according to sources familiar with the acquisition. The politics-focused site Vox.com is included in this deal.

In the lead-up to the acquisition, Murdoch and his wife, Kathryn Murdoch, were actively involved in attracting key talent from Vox, namely Kara Swisher and Scott Galloway, who are prominent figures in the highly regarded Pivot podcast, alongside various other shows in the Vox podcast network.

"I like James and Kathryn," Swisher expressed in a phone conversation. "Unlike many other media owners these days, they're savvy about the business and willing to take smart risks."

Sources reveal that the valuation of Vox's podcast division exceeded that of New York Magazine in the deal, underscoring the importance of retaining top programming. Notably, the contract for the Pivot podcast has three years remaining, ensuring continuity under Murdoch's ownership. Swisher met with James and Kathryn on multiple occasions to facilitate the agreement.

"In a company like Vox, if its talent doesn't like something, it's not gonna happen," Galloway noted in an interview, further emphasizing Murdoch's unique position. "James is the only Murdoch that this deal could have happened with."

In the past, James Murdoch was embroiled in a contentious dispute with his father regarding the editorial direction and future governance of the family’s media empire. He established Lupa Systems in 2019 after leaving his role as CEO of 21st Century Fox and resigned from the News Corp board in 2020, citing "disagreements over certain editorial content."

Vox's podcast and publishing assets will function as a subsidiary of Lupa Systems, which also oversees Art Basel—organizing annual events across cities such as Paris, Miami, Hong Kong, and Doha—and Tribeca Enterprises, the co-founded media and entertainment company by Robert De Niro and Jane Rosenthal.

Jim Bankoff, CEO of Vox Media, is set to transition to Lupa Systems, where he will continue to oversee the brands that fall under the Vox Media banner. He conveyed to the staff that the deal is anticipated to finalize within four to six weeks.

New York Magazine’s portfolio includes notable publications such as The Cut, Vulture, and Intelligencer, which collectively boast a digital audience of millions and over 400,000 paying subscribers.

It is important to note that this acquisition does not extend to other Vox Media properties, including Eater, Popsugar, and The Verge. These entities, in conjunction with SB Nation and The Dodo, will be restructured into an independent company operating under a new corporate identity.

Interestingly, James Murdoch’s father, Rupert Murdoch, was the owner of New York Magazine during the late 1970s until its sale in 1991.