A day after it was announced that Vox Media’s website and podcast network, as well as New York Magazine, were being sold to James Murdoch’s Lupa Systems investment company, the remaining brands might already have a new owner lined up.
Per Mark Stenberg of AdWeek, Penske Media Corporation (PMC) is in advanced talks to acquire the unsold Vox Media brands, which include SB Nation, The Verge, Eater, Popsugar, and The Dodo.
In a letter to the company on Wednesday, Vox CEO Jim Bankoff told employees that Vox Media would split into two companies. A new media company under Lupa ownership, for which he would remain CEO and would carry the Vox Media name forward, and a separate independent company that would oversee the remaining brands. Current Vox CRO Ryan Pauley will lead that yet-to-be-named company post-closing.
According to Stenberg, if the deal goes through, Pauley would continue to lead the remaining Vox brands and would join PMC. He added that the timeline is currently unclear, but a source suggested it could happen in two months. In February 2023, PMC became the largest shareholder in Vox Media, acquiring a 20% stake in the company, with Jay Penske joining Vox Media’s board.
It’s unknown what the sale price would be for the remaining assets. The Vox Media assets sold to Murdoch reportedly went for around $300 million.
If the deal goes through, the five brands would join a portfolio that includes Rolling Stone, Billboard, Sportico, Deadline, IndieWire, and Variety.
For SB Nation, the move could offer a fresh start to the sports-blog-centric network. Its future has long been in limbo amid Vox’s future plans and a seemingly never-ending cycle of talent drain, layoffs, and site departures. In April, Stenberg wrote that SB Nation is “at the top of the Vox Media hierarchy,” due to its relatively low costs and significant revenue, reporting that SB Nation still brings in between $50 and 100 million annually and is profitable.
About Sean Keeley
Along with writing for Awful Announcing and The Comeback, Sean is the Managing Editor for Comeback Media. Previously, he created the Syracuse blog Troy Nunes Is An Absolute Magician and wrote 'How To Grow An Orange: The Right Way to Brainwash Your Child Into Rooting for Syracuse.' He has also written non-Syracuse-related things for SB Nation, Curbed, and other outlets. He currently lives in Seattle where he is complaining about bagels. Send tips/comments/complaints to sean@thecomeback.com.