Vox Media is the new owner of New York Magazine, but it’s keeping tight-lipped on how much it cost.
Vox revealed late last night that it had acquired the 51-year-old biweekly magazine’s parent company New York Media, for an undisclosed sum.
As part of the deal, which is set to close later this fall, Vox will also get its hands on New York Media’s five other brands — Vulture, The Cut, Intelligencer, The Strategist and Grub Street.
As for the impact on leadership, Vox Media chairman and chief executive officer Jim Bankoff will remain at the helm of Vox Media, leading all aspects of the expanded company, while Pam Wasserstein, currently ceo of New York Media, will take on the new role of president at Vox.
That will involve overseeing strategic initiatives, including commerce and consumer businesses, and the current New York Media brands as a member of Vox Media’s executive team. She will also be given a seat on Vox’s board.
“I have long admired what Pam and the New York Media team have built, especially their ability to shape conversations with some of the most relevant and ambitious work in digital, print and events,” Bankoff said. “This combination puts Vox Media in an unparalleled position to lead the media industry forward by focusing on the highest-quality offerings, most robust business models and strongest company culture.”
Wasserstein added that before the deal, she had drawn inspiration from Vox, watching its growth trajectory and success in developing premium editorial brands and leading the industry in areas like podcasting and entertainment.
“I’m looking forward to creating a new kind of media company with [Jim] and our combined teams,” she said.
Vox Media’s other brands include SB Nation, The Verge, Polygon, Eater, Curbed, Recode and Vox.
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