James Murdoch buys New York magazine and Vox Media’s podcasts

James Murdoch, the youngest son of Rupert Murdoch, has acquired most of Vox Media, including New York magazine. David Paul Morris/Bloomberg/Getty Images via CNN Newsource

James Murdoch just made a big investment in the American news media.

On Wednesday morning, his media and tech holding company, Lupa Systems, said it had agreed to acquire most of Vox Media, including Vox’s main website, its popular podcast network, and New York magazine.

The deal was announced hours after New York won the National Magazine Award for general excellence from the American Society of Magazine Editors — a fresh affirmation of the title’s stature in the media industry in an era defined by business model disruption.

Murdoch said in a statement that acquiring the magazine, the podcast network and Vox.com “reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations.”

The parties declined to comment on the purchase price, but CNN previously reported that the assets would fetch US$300 million or more.

Vox-owned websites like Eater, Popsugar, SB Nation, The Dodo and The Verge were not included in the deal, raising immediate questions about whether other buyers will scoop them up.

Vox Media CEO Jim Bankoff will join Lupa and run the assets that Murdoch is acquiring.

Bankoff told The New York Times that he “wanted a long-term steward” like Murdoch.

James Murdoch publicly and painfully split from his father Rupert and brother Lachlan’s right-wing media empire years ago. His politics are widely viewed as more moderate than his father’s, and his business ambitions are evident through his recent acquisitions. His company has stakes in the Tribeca Film Festival and a major entertainment producer in India.

Murdoch told The Times he valued a chance to acquire an asset known for “longer-form, thoughtful journalism that can really speak to the culture.”

Brian Stelter, CNN