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The younger son of conservative media mogul Rupert Murdoch has agreed to acquire New York Magazine, Vox.com and the Vox Media Podcast Network through his holding company, Lupa Systems, in a deal reported to be worth more than $300 million.
The acquisition makes the 53-year-old a sudden and significant player in American media, the same industry his 95-year-old father built into a global empire, while planting his flag firmly on the opposite end of the political and editorial spectrum.
The purchased assets will operate as a Lupa Systems subsidiary under the name "Vox Media," continuing to be led by current Vox Media CEO Jim Bankoff. The deal includes New York Magazine's stable of digital verticals, among them The Cut, Vulture, Intelligencer and Grub Street, as well as podcasts including "Pivot" with Kara Swisher and Scott Galloway, and "Where Should We Begin?" with Esther Perel.
Not included in the transaction are Vox Media properties The Verge, Eater, SB Nation, The Dodo and Popsugar, which will spin off into a separate independent company under president Ryan Pauley.
The deal is expected to close within four to six weeks.
"This acquisition aligns well with our existing holdings and reflects our deep commitment to ambitious journalism and agenda-setting conversations," James said in a statement.
The purchase carries a pointed personal dimension. James publicly resigned from News Corp's board in 2020, citing disagreements over the company's climate change coverage. He has since accused his father's outlets of knowingly lying to audiences and fueling right-wing conspiracy theories, and donated more than $20 million to Joe Biden's 2020 campaign.
In a further historical twist, Rupert Murdoch once owned New York Magazine himself, acquiring it in the late 1970s before selling it in 1991.
Last year, a family trust settlement left brother Lachlan in control of the Murdoch empire until 2050. James walked away with a reported $1.1 billion.
