NEW YORK (AP) — Promising a commitment to "ambitious journalism and agenda-setting conversations," media scion James Murdoch has struck a deal with the Vox Media digital company to acquire New York magazine, the Vox Media Podcast Network and the Vox editorial brand.
The deal with Vox, widely seen as liberal-leaning, represents a major move toward his own media empire for the 53-year-old younger son of Rupert Murdoch, who himself owned New York Magazine from 1976 until 1991. And it comes less than a year after the Murdoch family reached a deal on control of the 95-year-old mogul's media empire after his death, ensuring no change in direction at Fox News, the most popular network for conservatives, under Rupert's chosen heir, Lachlan Murdoch.
Under the new deal, expected to close within weeks, Lupa Systems, James Murdoch's media company, acquires the three divisions — about half of Vox Media. Neither Vox Media nor Lupa was disclosing the sum. The New York Times cited people familiar with the matter saying it was more than $300 million. The acquired divisions will operate, according to a statement, as a subsidiary of Lupa — called Vox Media.
