James Murdoch, the youngest son of media magnate Rupert Murdoch, is in advanced discussions to acquire the prestigious weekly New York magazine and Vox Media's podcast network. According to information first reported by The Wall Street Journal and subsequently confirmed by CNN sources, the value of the transaction is expected to be at least $300 million (approximately 7 billion CZK).
The acquisition is to be carried out by Murdoch's investment company Lupa Systems. The sale includes an extensive portfolio of titles under New York magazine, including popular web portals The Cut (focused on fashion and lifestyle), Vulture (culture and entertainment), and Intelligencer (politics and business). The package also includes Vox's podcast division, which produces successful shows such as “Today, Explained” and “Pivot” hosted by Kara Swisher and Scott Galloway.
Vox Media began exploring options to sell the entire company or parts of it in response to persisting difficult conditions in the digital media market. For James Murdoch, this purchase would signify a significant strengthening of his influence in the American media market. The 53-year-old investor previously acquired stakes in the Tribeca Film Festival and in significant Indian entertainment productions.
“Murdoch may see an opportunity in the acquisition to expand his media assets at a time when publishers face a challenging economic environment,” sources close to the negotiations state.
James Murdoch's move is being watched with great interest also due to his family history. His father Rupert Murdoch owned New York magazine from 1976 to 1991. However, James professionally and ideologically distanced himself from the family empire (Fox Corp, News Corp) in 2020. He resigned from the Fox Corp board due to dissatisfaction with the editorial direction of the family brands, particularly in connection with the conservative rhetoric of Fox News.
Unlike his father and brother Lachlan, James Murdoch is considered a political moderate and has openly supported the Democratic Party in the past. By potentially taking over titles like New York magazine, which are considered more liberal intellectual media, he would confirm his departure from the family tradition of right-wing media business. Representatives of Vox Media have so far declined to comment on the ongoing negotiations.