James Murdoch to acquire half of Vox Media in deal reportedly worth $300m

"James Murdoch, second son of publishing giant Rupert Murdoch, has agreed to acquire some of Vox Media's assets, including New York magazine, in a deal believed to be worth around $300m. The 53-year-old publishing scion is acquiring the assets through his company, Lupa Systems, which has built up holdings in Art Basel, the traveling art fair business, and Tribeca Enterprises, the media and entertainment company co-founded by Robert De Niro, and the Indian streaming service Bodhi Tree Systems. In the deal announced Wednesday, Murdoch will acquire half of Vox Media."

"The younger Murdoch told the New York Times that he was not looking to acquire a daily news business but wanted longer-form, thoughtful journalism that can really speak to the culture. We want to create platforms where really amazing, talented people can come and do the best work of their lives, he added. New York magazine and its online spin-offs The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street, are well known for producing stories then optioned by Hollywood."

"Certain Vox media properties, including Eater, Popsugar, SB Nation, The Dodo, and The Verge are not included in the transaction. In a twist of fate that will not be lost on media observers, the title was once owned by the elder Murdoch. The deal is the biggest acquisition for Murdoch since he and his family resolved a protracted dispute over future control of the family's media holdings."

"As part of a settlement, James Murdoch and his siblings received aboout $1bn and control was handed over to the elder Lachlan Murdoch. Before the dramatic family bust-up over control, which included a legal face-off in a Reno, Nevada, courtroom, Murdoch served as CEO of 21st Century Fox, and Europe's BSkyB and Sky plc, and CEO of Asia's Star TV. He told the Times he was not trying to do something differently from his father but rather just trying to build a great business and that his father's previous ownership held no special significance."

James Murdoch will acquire some Vox Media assets, including New York magazine and related online brands, through his company Lupa Systems in a deal estimated at about $300 million. The acquisition covers half of Vox Media and includes titles such as The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street. Murdoch said the goal is not a daily news business but longer-form, thoughtful journalism that can speak to culture, creating platforms for talented people to do their best work. Several Vox Media properties, including Eater, PopSugar, SB Nation, The Dodo, and The Verge, are excluded. The deal follows a prior family settlement that resolved control of the Murdoch media holdings.

Read at www.theguardian.com