Penske Media Corporation (PMC) has made a strategic investment in Vox Media, becoming its largest shareholder, Penske announced on Monday. The terms were not disclosed.
The two companies will continue to operate independently. Jay Penske, CEO and founder of Penske Media, will join the Board of Directors at Vox Media.
Vox is the owner of Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Intelligencer, Curbed, Grub Street, Recode, Thrillist, Popsugar, The Dodo and NowThis.
In Jaunary, Vox announced that it was laying off 7% of its workforce, roughly 130 people across departments. CEO Jim Bankoff cited “the challenging economic environment impacting our business and industry,” in announcing the cuts.
Bankoff states that the Penske investment “will allow Vox Media to continue scaling its existing brands and operations, while providing resources for future acquisitions, and is another step forward in the ongoing ascent of Vox Media.”
Jay Penske comments, “I have long admired Vox Media’s world-class editorial teams and brands. We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox Media, and the company’s remarkable growth over the last decade.
LionTree acted as financial advisor to Vox Media. White & Case LLP served as its outside legal advisor. Morgan Lewis served Penske Media’s legal advisor. Panarae Group was its corporate advisor.