James Murdoch has agreed to acquire New York Magazine and the Vox Media podcast network in a deal that significantly expands his portfolio and stands to boost his influence over news and entertainment.
"This acquisition reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism," Murdoch said in a statement. His company Lupa Systems will buy both properties from Vox Media.
The deal, valued at more than $300 million, gives Murdoch control of a storied magazine known for its coverage of culture, politics, and fashion, and a podcast division whose reach rivals that of cable television news networks. The politics news site Vox.com is also included.
Murdoch and his wife Kathryn were intimately involved in courting key talent from Vox, specifically Kara Swisher and Scott Galloway, stars of the popular Pivot podcast.
"I like James and Kathryn," Swisher said in a phone interview. "Unlike many other media owners these days, they’re savvy about the business and willing to take smart risks."
