Vox Media To Expand Native Ad Offerings, Video

Vox Media has received a new round of financing to the tune of $46.5 million, valuing the digital media company at $380 million, according to The New York Times, which reported the news on Monday.

The investment by General Atlantic will be used to raise the profile of Vox Media’s online publishing brands, expand its video production capabilities and build out its native advertising offerings, CEO Jim Bankoff tells the NYT.

Vox Media’s portfolio of digital publications include The Verge, devoted to culture and technology; SBNation, covering sports; Eater, a culinary and epicurean site; Racked, for fashion and shopping; Curbed, focused on home and real estate; Polygon, devoted to gaming; and the most recent addition, the Vox news site launched in April of this year with former Washington Post columnist Ezra Klein at the helm.

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Together, the sites currently attract roughly 150 million unique visitors per month, Vox Media claims -- roughly double their traffic at the same time last year. The Vox.com news site had 10.9 million unique visitors in October, per comScore.

Along with the new round of funding, Vox also announced that it has appointed Lindsay Nelson vice president of Vox Creative, its internal ad agency, to oversee the expansion of its native ad capabilities; she previously founded and led Slate Custom, the in-house branded content creative agency at Slate magazine.

While sites like Vox, BuzzFeed and Huffington Post are growing rapidly, inevitably some new digital media companies are not faring quite so well.  

Last week, First Look Media, the digital media company launched by eBay founder Pierre Omidyar, revealed that it is closing Racket, a digital news platform focused on corporate corruption and politics, not longer after founding editor Matt Taibbi resigned unexpectedly.

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