James Murdoch to buy half of Vox Media in multimillion-dollar deal

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Lupa Systems, the media and tech holding company owned by James Murdoch, is set to acquire nearly half of Vox Media.As part of the deal, Murdoch’s company will own Vox Media’s podcast network, Vox.com and New York Magazine, once an asset of his father, industry giant Rupert Murdoch.Terms of the deal were not disclosed, but the price tag was reportedly over $300 million, the New York Times reported citing people familiar with the deal.

The goal of the investment is to bring “influential journalists, top-rated podcasts, and digital brands with large social footprints” to Lupa and help grow its media portfolio, the company announced Wednesday.“This 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,” Murdoch said in a statement.The three new assets will function as a subsidiary of Lupa Systems and will keep the name Vox Media.The deal includes New York Magazine’s popular verticals like The Cut, Vulture and Intelligencer, as well as Vox’s most successful podcasts like “Today, Explained” and “Pivot with Kara Swisher and Scott Galloway.” Jim Bankoff, Vox Media’s current CEO, will continue to lead the company.

Hollywood Inc.Buzzfeed, once an internet sensation known for its listicles, news and quizzes, has fallen on hard times.The other Vox Media properties, which Murdoch did not purchase, include websites like Eater, The Dodo and The Verge.

These platforms will be run under an unnamed new company by the current president of Vox Media, Ryan Pauley.This investment strengthens Lupa Systems’ position in the evolving media landscape.The business has other holdings including the parent company of Tribeca Film Festival, the owner of Art Basel, Robert DeNiro and Jane Rosenthal’s entertainment company Trib...