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.
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 Tribeca Enterprises, and Bodhi Tree Systems, an investment platform behind a popular Indian streaming service.
This is one of the largest deals Murdoch has closed since he and his family resolved a $3.3-billion dispute last year. The conflict centered on the future of the family’s media empire, which includes Fox News, The New York Post and The Wall Street Journal. In the settlement, James Murdoch received roughly $1 billion and his elder brother, Lachlan, assumed power over the family’s assets.
Before the legal blowout, Murdoch previously served as the chief executive of major global media companies like 21st Century Fox and Europe’s Sky Group.
The billionaire told the New York Times that, with this new acquisition, he didn’t want a “daily news business.” He wanted “longer-form, thoughtful journalism that can really speak to the culture.”