Monday, February 6–Vox Media Co-Founder, Chair, and CEO Jim Bankoff today announced that the company has finalized a strategic investment from Penske Media Corporation (PMC). Vox Media is the owner of leading media brands including: Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Intelligencer, Curbed, Grub Street, Recode, Thrillist, Popsugar, The Dodo, and NowThis.
The terms of the deal were not disclosed.
“We couldn’t ask for a better partner than Jay and Penske Media to invest in our company’s future success, and help us build on and accelerate our creative work and business strength,” said Bankoff. “This investment by Penske Media will allow Vox Media to continue scaling its existing brands and operations, while also providing resources for future acquisitions, and is another step forward in the ongoing success of Vox Media.”
“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and Founder, Penske Media. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox Media, and the company’s remarkable growth over the last decade. The Penske Media and Vox Media alliance will further cement both companies as leaders in modern media and take advantage of new opportunities at scale. Our two companies share a similar history of organic and acquisitive growth over time, and it made sense to invest for the future.”
- The financial terms of the investment were not disclosed.
- The two companies will continue to operate independently.
- As part of the investment, Penske Media will become Vox Media’s largest shareholder.
- Jay Penske will join the Board of Directors at Vox Media.
- LionTree acted as financial advisor to Vox Media, while White & Case LLP acted as its outside legal advisor. Morgan Lewis served as Penske Media’s legal advisor, in addition to Panarae Group who acted as a corporate advisor.
About Penske Media Corporation
Penske Media Corporation (PMC) is a leading global media and information services company whose award-winning content attracts a passionate audience. Since 2004, PMC has been a pioneer in digital media and a platform innovator, reaching viewers on all screens across its ever-growing constellation of iconic brands, which includes Variety, Rolling Stone, The Hollywood Reporter, Billboard, Dick Clark Productions, WWD, SHE Media, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Artforum, Gold Derby, Spy.com and Luminate, the premier data and analytics company. PMC’s journalists and content creators deliver daily the most comprehensive news and information in their industries and areas of coverage, unequaled in ambition, depth, and courage. In addition, PMC owns several vital cultural events such as SXSW, LA3C, Life is Beautiful, Latin Music Week and ATX Television Festival. Headquartered in New York and Los Angeles with additional offices in 14 countries worldwide, PMC believes companies should not only be profitable but also forces for good www.pmc.com.
About Vox Media
Vox Media is the leading modern media company, reaching audiences everywhere they are.
Known for editorial properties including Vox, SB Nation, New York Magazine, The Dodo, and NowThis, the company’s portfolio features the most relevant, respected, and engaging editorial properties and voices. The company is also home to award-winning storytelling businesses such as Vox Media Studios and the Vox Media Podcast Network, as well as innovative technologies that support the entire media industry, including the Concert advertising marketplace.
Vox Media proves that quality can scale.