• by Ray Schultz , Columnist, Yesterday

A seismic shift in media ownership was announced Wednesday morning when Rupert Murdoch scion James Murdoch said he had acquired New York Magazine and elements of Vox Media, including the Vox Media Podcast Network.

The acquisition by Murdoch’s Lupa Systems is valued at $300 million, according to The New York Times. 

“This acquisition aligns well with our existing holdings and investments and reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations,” said Murdoch in a statement. “It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group.”

The purchase includes New York’s verticals, The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street.

It also covers Vox Media’s video and text capabilities and podcasts like Today, Explained. 

The podcast business is the fastest-growing unit within the company.

However, the transaction does not include Eater, Popsugar, SB Nation, The Dodo, and The Verge.

James Murdoch is the odd man out in the Murdoch family, with no role in News Corp, and it is not clear whether he shares their political orientation.

But he is an experienced hand in media, having served as CEO of 21st Century Fox and BSkyB and Sky plc in Europe. He also has been CEO of Asia’s Star TV. 

The Wall Street Journal reported earlier this month that Lupa was in talks to acquire New York and the Vox properties.

The deal is expected to close in four to six weeks. 

Family patriarch Rupert Murdoch owned New York from the late 1970s to 1991. In 2019, it was acquired by Vox for $105 million.