Media Scion Acquires New York Magazine, Vox.com and Podcast Network

A media investment firm has agreed to purchase New York magazine, Vox.com and the Vox Media Podcast Network for more than $300 million. The transaction covers roughly half of Vox Media and is expected to close within weeks. The acquired properties will continue to operate under the Vox Media name as a subsidiary of the buyer.

The purchase includes New York magazine and its verticals The Cut, Vulture, Intelligencer, The Strategist, Curbed and Grub Street. It also includes the Vox Media Podcast Network, which features shows such as Criminal and Pivot. The podcast network has been the fastest-growing business within Vox Media, according to a company statement.

The buyer said the acquisition will add production, distribution and editorial capabilities to its existing holdings.

Media chairman and CEO Jim Bankoff will lead the new company after the deal closes. Bankoff said the combined operation is positioned to become the best home for talent and the most dynamic media company of this new era. New York magazine’s editor-in-chief David Haskell told subscribers that the publication will continue its independent journalism under the new ownership.

The magazine has had six owners since 1968. The current transaction marks a reduction from earlier peak valuations in the digital media sector. Comparable companies such as Vice Media and BuzzFeed have also seen sharp declines in reported valuations since 2017.

The buyer previously held a majority stake in Tribeca Enterprises and has backed other media investments. The deal is described as the largest transaction for the firm to date.