May 5 (Reuters) – James Murdoch is in late-stage talks to buy Vox Media’s New York Magazine and podcast division, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The deal is through Murdoch’s Lupa Systems investment company and is not final yet, the report said. A deal would give Murdoch […]
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James Murdoch in talks to buy Vox Media’s New York Magazine, podcast unit, WSJ reports
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May 5 (Reuters) – James Murdoch is in late-stage talks to buy Vox Media’s New York Magazine and podcast division, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The deal is through Murdoch’s Lupa Systems investment company and is not final yet, the report said.
A deal would give Murdoch control of one of the most recognizable U.S. magazine brands and a sizable podcast business at a time when digital publishers are under pressure to consolidate, cut costs and find new growth in audio.
According to the report, Vox has been exploring a sale of New York Magazine and the Vox Media Podcast Network in recent months.
Vox Media and a spokesperson for Murdoch declined to comment on the report.
Murdoch has built Lupa Systems as a media, technology and entertainment investment firm separate from the conservative media empire long led by his father, Rupert Murdoch, and now controlled by his brother Lachlan.
That empire includes Fox News and News Corp, the parent of The Wall Street Journal.
In September, the Murdoch family reached a deal giving Lachlan control, with James Murdoch and his siblings each receiving about $1.1 billion, according to a source.
(Reporting by Anhata Rooprai in Bengaluru; Editing by Arun Koyyur)