James Murdoch is acquiring roughly half of Vox Media, marking a major expansion into American media for the younger son of Rupert Murdoch.
The deal includes Vox Media’s prominent podcast network and New York magazine — a publication once owned by his father. Murdoch, 53, is buying the stake through his investment firm Lupa Systems. The transaction is expected to close in the coming weeks. People familiar with the matter say the price exceeds $300 million.
In an interview with The New York Times, Murdoch said he is not seeking a “daily news business.” Instead, he wants “longer-form, thoughtful journalism that can really speak to the culture.”
“We want to create platforms where really amazing, talented people can come and do the best work of their lives,” he added.
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| James Murdoch |
Murdoch left the News Corp board in 2020 after clashing with the company’s direction, including its coverage of climate change. When asked whether he is deliberately charting a different path from his father, he replied simply: “No. I’m just trying to build a great business.”
He added that his father’s past ownership of New York magazine holds no special meaning for him.The acquisition also signals the end of an earlier era of digital media optimism. Vox Media was among a group of high-flying digital publishers — including BuzzFeed and Vice Media — that raised hundreds of millions at peak valuations a decade ago. Vice later filed for bankruptcy, and BuzzFeed recently sold a controlling stake for far less than its once $1.7 billion valuation. Vox Media was reportedly valued at about $1 billion in 2015, when it consisted mainly of websites.
The deal adds a major podcast business and a legacy print title to its portfolio.