The deal would hand Murdoch control of one of the most recognizable U.S. magazine brands and a sizable podcast business
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James Murdoch's investment firm Lupa Systems is in advanced talks to acquire New York Magazine and the Vox Media Podcast Network from Vox Media, according to The Wall Street Journal. Sources cautioned, however, that the transaction remains unfinished and may not come together.
A sale of the magazine and podcast network has been under consideration at Vox for several months, The Wall Street Journal reported. The podcast network's shows include "Pivot," hosted by tech journalist Kara Swisher and entrepreneur Scott Galloway, as well as "The Curiosity Shop" with Brené Brown and Adam Grant.
Neither Jim Bankoff, who leads Vox, nor a representative for Murdoch offered any comment, Reuters reported.
Vox paid $105 million for New York Magazine when it bought the publication in 2019 — the title's most recent ownership change since its launch in 1968, according to The Wall Street Journal. Versant Media Group, spun off from Comcast $CMCSA earlier this year, had also expressed interest in buying Vox's podcast business, The Journal reported.
Lupa was established in 2019, the same year James Murdoch left his role running 21st Century Fox following the sale of much of that studio to Walt Disney $DIS. A year later, editorial disputes prompted him to exit the News Corp board, The Journal reported. Lupa's existing investments include stakes in Tribeca Enterprises, which runs the Tribeca Film Festival, and Art Basel parent MCH Group.
Rupert Murdoch, James's father, built a sprawling media empire that today sits under the control of James's brother Lachlan; its holdings include Fox News and News Corp, which publishes The Wall Street Journal.
Vox also owns websites including The Verge, SB Nation, and Thrillist. Like BuzzFeed and Vice Media, Vox once carried enormous expectations as a next-generation digital publisher, but eroding ad revenue, shifting search patterns, and stiffer competition have since dimmed that outlook, The Wall Street Journal reported.
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