Rupert Murdoch’s son, James Murdoch, is following in his father’s media-mogul footsteps and purchasing several divisions of Vox Media.
The 53-year-old is acquiring New York Magazine — which his father once owned — along with the Vox Media Podcast Network and Vox. He’s making the purchase through his company, Lupa Systems, which he founded in 2019.
“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," James Murdoch said in a press release.
"It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group,” he added.
Rupert Murdoch, 95, built a massive conservative media empire, with his family serving as inspiration for the HBO show Succession. Following a lengthy legal battle and settlement last year, his oldest son, Lachlan Murdoch, won control of the empire, which includes the Fox Corporation and News Corp.
Under the settlement, three of Rupert Murdoch’s children — Prudence, Elisabeth and James — sold their shares for $1.1 billion each, according toThe New York Times. The deal ended a legal battle that erupted after Rupert and Lachlan Murdoch tried and failed to alter the family trust.
Rupert Murdoch shares six children with three women.
James Murdoch’s acquisition deal represents about half of Vox Media and is worth more than $300 million, according to The New York Times. Vox Media CEO Jim Bankoff sent a note to staff Wednesday morning with additional details about the agreement, which he said will be finalized in the next four to six weeks.
The products being acquired will “form a new media company under Lupa ownership, which will carry the Vox Media name forward, and I’ll serve as its CEO when the transaction closes,” he wrote.
“James and Kathryn Murdoch understand what we’re building, respect editorial independence, and are deeply committed to this new company’s success,” Bankoff added.
When asked by The NYT whether he’s trying to do something different than his father with this latest Vox Media deal, James Murdoch replied, “No.”
“I’m just trying to build a great business,” he told the outlet, adding that he doesn’t find it especially significant that his father previously owned New York Magazine.
James Murdoch was the CEO of 21st Century Fox from 2015 to 2019. In 2020, he also stepped down from the board of News Corp., citing “disagreements over certain editorial content published by the company’s news outlets and certain other strategic decisions.”
That same year, James Murdoch told The NYT he and his father have been “arguing about politics since I was a teenager.”
