Penske Media Snaps Up Stake in Vox Media
Penske Media Corp. (PMC), FN parent, is making another major move.
The company stated that it will invest in Vox Media, the owner of Vox, New York Magazine, The Cut, Eater, Thrillist, Popsugar, Vox, New York Magazine, The Cut, Eater, Thrillist, Popsugar, Vox, New York Magazine and many other magazines. Financial terms of this deal, which makes PMC Vox’s largest shareholder, were not disclosed. Both companies will continue to be independent.
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“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and Founder, Penske Media, who will join Vox’s board of directors. “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. Both companies will be recognized as leaders in modern media by the Penske Media and Vox Media Alliances. They will also take advantage of scale-up opportunities. Our two companies share a similar history of organic and acquisitive growth over time, and it made sense to invest for the future.”
“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 the leading creative and business strength across our organization,” added Jim Bankoff, Co-Founder, CEO and Chair, Vox Media. “In addition, this investment by Penske Media will allow Vox Media to continue scaling its existing brands and operations, while providing resources for future acquisitions, and is another step forward in the ongoing ascent of Vox Media.”
Today’s news comes on the heels of Penske Media Eldridge’s acquisition of Dick Clark Productions, revealed in late January. The producer is know for live events and popular awards show programs including the Golden Globe Awards, American Music Awards, Academy of Country Music Awards, Billboard Music Awards, Dick Clark’s New Year’s Rockin’ Eve and So You Think You Can Dance.
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