<\/p>\n
James Murdoch has completed the purchase of a sizeable chunk of Vox Media in a deal that splits the digital publisher into two separate companies.<\/p>\n
According to a statement from Vox Media, Lupa Systems, the investment firm controlled by Murdoch, has taken ownership of Vox, New York magazine and the Vox Media Podcast Network. The assets will operate as a new company under Lupa ownership, while Eater, PopSugar, SB Nation, The Dodo and The Verge have been carved out into an independent business with a new corporate name still to be chosen.<\/p>\n
The transaction reshapes one of digital publishing\u2019s best-known groups and underlines the growing pressure on media companies to separate stronger brands from weaker assets in search of higher valuations.<\/p>\n
Vox Media chief executive Jim Bankoff will remain chief executive of the Lupa-backed company, while former chief revenue officer Ryan Pauley will lead the remaining business.<\/p>\n
The companies have not disclosed full terms, but The New York Times reported the transaction was valued at more than $300 million. Axios said the move was designed to lift value by selling the businesses separately rather than as one group.<\/p>\n
For Murdoch, the acquisition adds another media asset to a portfolio that has increasingly tilted towards culture and premium brands. Through Lupa, he has already backed Tribeca Enterprises, which runs the Tribeca Film Festival, and Art Basel parent MCH Group. His wife, Kathryn Murdoch, has also supported the liberal-leaning outlet The Bulwark.<\/p>\n
The purchase deepens Murdoch\u2019s break from the family empire built by Rupert Murdoch. He left the News Corp board in 2020, saying at the time that he objected to editorial decisions and to what he described as the company\u2019s continuing refusal to acknowledge climate change.<\/p>\n