Vox Buys New York Magazine Parent
Source: The Deal
Digital media group Vox Media Inc. is adding the parent of New York Magazine to its portfolio.
Vox is buying New York Media LLC from the family of the late Bruce Wasserstein, the former head of Lazard who founded The Deal. Wasserstein purchased New York Magazine for $55 million in 2003 and his daughter Pam runs the business.
“It is very unusual that a digital company would acquire a business the includes a print magazine,” said Reed Phillips, Managing Partner at Oaklins DeSilva & Phillips LLC, regarding the transaction.
“However, Vox had a valuation of $1 billion and is sitting on a pile of cash,” he added. “Clearly they are strongly attracted to New York Media’s digital properties and are willing to assume the print magazine as part of the deal.”
New York and related brands Grub Street and The Cut will join media properties such as SB Nation, The Verge, Polygon, Eater, Curbed, Recode and Vox in the post-merger company. In addition to its digital print titles, Vox produces podcasts, video and entertainment content. Earlier this year, Vox purchased non-fiction media group Epic.
Vox Chairman and CEO Jim Bankoff will run the merged companies, while Pam Wasserstein will oversee strategic initiatives.