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James Murdoch, the son of famed media mogul Rupert Murdoch, has announced a deal to purchase New York Magazine from Vox Media. He will also acquire Vox’s news site and podcast network.
Son of Rupert Murdoch, James Murdoch, has announced a new deal with Vox Media worth $300 million USD. He is set to acquire New York Magazine, Vox’s news website, and its podcast network.
The deal will be through James’ investment company, Lupa Systems. Founded in 2019, the firm primarily invests in media, technology, sustainability, and education, among other industries. Lupa Systems has already dipped its toes into media management, having bought a minority stake in Vice Media seven years ago.
This latest move is by far its biggest shift into the news space yet, and suggests that James Murdoch is keen to establish his own, alternative network that rivals his father’s.
He resigned from the board of News Corp in 2020, largely due to disagreements over editorial direction and misinformation.
As part of a statement, James explained that he wanted ‘longer-form, thoughtful journalism that can really speak to the culture.’ The Washington Post has noted that both James and his wife, Kathryn, have been very vocal about climate change, donated to Democrats, and invested in progressive newsrooms in the past.
As for Vox, they appear to have welcomed the deal with open arms. The company clarified that it will split into two independent businesses, one owned by James Murdoch and another that will include brands such as The Verge, Eater, SB Nation, Popsugar, and The Dodo. Vox says it expects the transaction to ‘close within 4-6 weeks.’
