James Murdoch, who some might remember as the co-founder of celebrated Hip-Hop label Rawkus Records, is making a deeper foray into the media world. After earlier reports suggesting so, James Murdoch has completed the purchase of several Vox Media properties.
As reported by The New York Times, James Murdoch has purchased several Vox Media properties to the tune of $300 million. In essence, Murdoch’s Lupa Systems company now owns half of Vox Media’s holdings.
From the Times:
Mr. Murdoch, 53, emphasized that he was not looking to acquire a “daily news business” but rather wanted “longer-form, thoughtful journalism that can really speak to the culture,” he told The New York Times in an interview on Tuesday. “We want to create platforms where really amazing, talented people can come and do the best work of their lives.”
Murdoch’s purchase of the holdings includes New York Magazine, Vox Media’s podcast network, and the Vox website. As some industry experts have noted, Murdoch purchased the same entities once owned by his father, media magnate Rupert Murdoch.
Oddly enough, Murdoch says he’s not interested in following the lead of his father, nor was that the motivation in purchasing the holdings from Vox Media.
The new companies will be operated under Lupa Systems, which also owns a stake in the Art Basel brand and Tribeca Enterprises.
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