James Murdoch makes his ‘Succession’ transfer and follows in dad’s footsteps with large buy of media large
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, according to a press release. He made the purchase through his company, Lupa Systems.
“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 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,” he added.
Rupert Murdoch, 95, built a massive media empire, with his family serving as inspiration for the HBO show Succession. Last year, following a lengthy legal battle, his oldest son Lachlan Murdoch won control of the empire, which includes the Fox Corporation and News Corp.
Rupert Murdoch shares six children with three wives.
James Murdoch’s acquisition deal, which represents about half of Vox Media, 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 divisions 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.
Bankoff added: “James and Kathryn Murdoch understand what we’re building, respect editorial independence, and are deeply committed to this new company’s success.”
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.”
When asked by The New York Times whether he’s trying to do something different from his father with this Vox Media deal, he replied, “No.”
“I’m just trying to build a great business,” he told The NYT, adding that his father’s previous ownership of New York Magazine is not significant to him.
This is a breaking news story. Check back for updates
Source: independent.co.uk
