Penske Media Corporation, IndieWire’s parent company, has made a strategic investment in digital publisher Vox Media, becoming the largest shareholder of the media company that owns New York Magazine and its associated sites as well as Group Nine Media, owner of Thrillist.
Terms of the deal were not disclosed, but the companies will continue to operate independently following the transaction. Pmc CEO and founder Jay Penske will join Vox Media’s board of directors.
The news comes less than a month after Vox Media laid off 7 percent of its workforce, or roughly 130 employees, in a decision that CEO Jim Bankoff attributed to the current economic environment. The layoffs were the second in less than six months at the company, after a round of layoffs that eliminated 2 percent of jobs in July 2022.
Vox Media owns dozens of digital media brands, including its namesake Vox website, The Verge, Eater, Polygon, Sb Nation,...
Terms of the deal were not disclosed, but the companies will continue to operate independently following the transaction. Pmc CEO and founder Jay Penske will join Vox Media’s board of directors.
The news comes less than a month after Vox Media laid off 7 percent of its workforce, or roughly 130 employees, in a decision that CEO Jim Bankoff attributed to the current economic environment. The layoffs were the second in less than six months at the company, after a round of layoffs that eliminated 2 percent of jobs in July 2022.
Vox Media owns dozens of digital media brands, including its namesake Vox website, The Verge, Eater, Polygon, Sb Nation,...
- 2/6/2023
- by Wilson Chapman
- Indiewire
Penske Media Corporation has completed its strategic investment in Vox Media.
Vox Media is the owner of 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.
Terms of the deal were not disclosed.
“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and founder of Penske Media. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox, 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.”
Added Bankoff,...
Vox Media is the owner of 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.
Terms of the deal were not disclosed.
“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and founder of Penske Media. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox, 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.”
Added Bankoff,...
- 2/6/2023
- by THR Staff
- The Hollywood Reporter - Movie News
Penske Media Corporation, Deadline’s parent company, has made a strategic investment in Vox Media and is now its largest shareholder.
Vox is the owner of media brands such as Vox, New York magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, Sb Nation, Curbed and several more.
Related Story Penske Media Eldridge Acquires Dick Clark Productions, Live Event Company Behind Golden Globes, New Year’s Rockin’ Eve, AMAs, ACM Awards & Billboard Awards Related Story Vox Media Announces Layoffs Of 7 Of Workforce Related Story Penske Media Acquires Artforum Magazine
Terms of the deal were not disclosed. The companies will continue to operate independently after the transaction.
“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and Founder of Penske Media. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox, and the company’s remarkable growth over the last decade.
Vox is the owner of media brands such as Vox, New York magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, Sb Nation, Curbed and several more.
Related Story Penske Media Eldridge Acquires Dick Clark Productions, Live Event Company Behind Golden Globes, New Year’s Rockin’ Eve, AMAs, ACM Awards & Billboard Awards Related Story Vox Media Announces Layoffs Of 7 Of Workforce Related Story Penske Media Acquires Artforum Magazine
Terms of the deal were not disclosed. The companies will continue to operate independently after the transaction.
“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and Founder of Penske Media. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox, and the company’s remarkable growth over the last decade.
- 2/6/2023
- by Dade Hayes
- Deadline Film + TV
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