The Murdoch who walked away from Fox just spent at least $300 million on New York Magazine and the Vox podcast network, turning what looks like a media deal into a statement about where his money is going.
James Murdoch's Lupa Systems announced the deal Wednesday morning, picking up Vox.com, the Vox Media podcast network, and New York magazine. The deal landed hours after New York won the American Society of Magazine Editors' top prize for general excellence.
Vox Media CEO Jim Bankoff is joining Lupa to run the assets, telling The New York Times he "wanted a long-term steward" for the brands.
Murdoch said the deal reflects his "interest in the forward edge of culture and our deep commitment to ambitious journalism," while the agreement leaves out Eater, Popsugar, SB Nation, The Dodo, and The Verge, which are all still on the market.
New York magazine has been one of Vox Media's prestige holdings since the 2019 acquisition, and its podcast network now spans Pivot, On with Kara Swisher, Decoder, and other shows that draw business and political audiences.
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James Murdoch publicly split from his father Rupert and brother Lachlan's right-wing media empire years ago, and his politics are widely seen as more moderate. His checkbook is starting to reflect that.
Lupa already holds a controlling stake in Tribeca Enterprises (the parent of the Tribeca Film Festival) and has invested in Bodhi Tree Systems, a major Indian entertainment producer. Adding New York and Vox.com gives the firm a portfolio that reads as the mirror image of Fox.
CNN previously reported the price tag at $300 million or more, though neither the buyer side, the seller side, nor Vox itself has confirmed a final number.
The deal also raises immediate questions about who buys the rest of Vox Media. CNN reported the leftover properties are now likely to draw their own bids, as digital media valuations stay under pressure from shifting ad markets.
The leftover Vox Media properties are now in play, with Eater, The Verge, and SB Nation all titles with real audiences and unclear next homes. That's the second deal coming out of this one.
The bigger picture: Murdoch just turned the family name into the buyer for the kind of journalism his father's network spent two decades opposing.
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