Murdoch’s Lupa Systems to Acquire New York Magazine and Vox Media Assets for Over $300 Million
The transaction, expected to close within six weeks, places a digital audience of tens of millions and a high-value podcast division under Murdoch’s control, marking a significant shift in the media landscape.
Media executive James Murdoch has agreed to acquire New York Magazine and the Vox Media Podcast Network from Vox Media in a transaction valued at more than $300 million. The deal, executed through Murdoch’s holding company Lupa Systems, includes the politics news site Vox.com and is expected to close within four to six weeks. This acquisition significantly expands Murdoch’s media portfolio, granting him control over a magazine with a digital audience of tens of millions and more than 400,000 paying subscribers, alongside a podcast division whose reach among advertisers’ target demographics rivals that of cable television news networks.
The transaction structure specifically excludes other Vox Media brands, including Eater, Popsugar, The Verge, SB Nation, and The Dodo. These remaining entities will become an independent company under a new corporate name. Lupa Systems, which also owns Art Basel and Tribeca Enterprises co-founded by Robert De Niro and Jane Rosenthal, will retain the acquired assets. Vox Media CEO Jim Bankoff will join Lupa Systems and continue to lead the brands under the Vox Media label, according to a note to staff.
The valuation of the deal highlights the premium placed on the podcast division, which was valued significantly higher than New York Magazine. This focus underscores the importance of retaining top programmes such as Pivot, which has three years remaining on its contract. Key talent from Vox, including Kara Swisher and Scott Galloway, were closely courted by James and Kathryn Murdoch. Both have publicly endorsed the deal, with Swisher noting the couple’s business savvy and willingness to take smart risks.
Galloway, a star of the Pivot podcast, stated that James Murdoch was the only member of the Murdoch family with whom such a deal could have been successfully negotiated. This comment follows James Murdoch’s previous public disputes with his father, Rupert Murdoch, over the editorial direction of the family’s media empire. James founded Lupa Systems in 2019 after stepping down as chief executive of 21st Century Fox and resigned from the News Corp board in 2020, citing disagreements over certain editorial content.
The acquisition carries historical resonance, as Rupert Murdoch owned New York Magazine from the late 1970s until selling it in 1991. The current deal brings the publication back into the Murdoch sphere of influence, albeit under a different corporate structure. The acquired assets include New York Magazine’s publications such as The Cut, Vulture, and Intelligencer. The transaction reflects a strategic move to consolidate influence over news and entertainment through a portfolio that combines established journalism with high-engagement digital audio content.
