"James Murdoch is acquiring roughly half of Vox Media, a dramatic expansion in American media for the younger son of the media mogul Rupert Murdoch. The deal includes Vox Media's podcast network as well as New York magazine, a publication once owned by Mr. Murdoch's father."
"Mr. Murdoch, 53, emphasized that he was not looking to acquire a "daily news business" but rather wanted "longer-form, thoughtful journalism that can really speak to the culture," he told The New York Times in an interview on Tuesday. "We want to create platforms where really amazing, talented people can come and do the best work of their lives.""
"On May 11, it was standup-comic-turned-media-mogul Byron Allen acquiring a 52% share of BuzzFeed for $120 million, which he plans to use to make a... competitor to YouTube? Sure thing."
""This acquisition aligns well with our existing holdings and investments and reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations," said James Murdoch."
Byron Allen acquired a 52% share of BuzzFeed for $120 million, intending to use the stake to build a competitor to YouTube. Nine years later, James Murdoch is spending more than $300 million to buy most of Vox Media. The Vox deal includes the podcast network and New York magazine. Murdoch emphasized he is not seeking a daily news business, but longer-form, thoughtful journalism that can speak to culture. He said the goal is to create platforms where talented people can do their best work. The acquisition is framed as aligning with existing holdings and investments, reflecting interest in culture and commitment to ambitious journalism and agenda-setting conversations.
Read at Nieman Lab
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