Penske Media Corp said on Thursday it has acquired Vox Media, becoming the largest publisher in digital media, adding titles such as The Verge and Punch to a portfolio that already includes Rolling Stone, Billboard and Variety.
The deal expands Penske’s reach across digital media and reflects a broader wave of media consolidation, where publishers are seeking greater scale, diversified revenue from events, advertising and subscriptions.
Financial terms of the deal were not disclosed. Penske said it was Vox’s largest shareholder before the acquisition.
The transaction completes the sale of Vox’s remaining assets, after James Murdoch’s Lupa Systems bought Vox.com, the Vox Media podcast network and New York Magazine for more than $300 million in May.
The deal included the use of the Vox brand by Lupa, while the remaining assets would become an independent company under a new corporate name.
Los Angeles-based Penske said it has created a new subsidiary, PMX, to house the combined portfolio of more than 25 media brands that reach hundreds of millions of people monthly and produce over 300 live events a year, according to a statement.
“These distinct digital brands bring highly engaged audiences with them, complement our existing portfolio, strengthen our content offering, and expand the possibilities for the hundreds of live events PMX will produce each year,” said Penske’s founder and CEO, Jay Penske.
Ryan Pauley, who was most recently the president of Vox Media, has been named the president of PMX. Ken Delalcazar, Penske’s executive vice president of finance, will expand his role to be the chief financial officer of PMX.
Source: Reuters.com