Penske acquires key Vox Media properties, becoming world’s largest digimedia company

Penske Media Corporation (PMC) has agreed to acquire seven media brands belonging to Vox Media, as well as Vox’s digital ad marketplace and first-party data platform. The Vox Media name and brand will continue, even as the company has been dismantled, and will be owned by Lupa Systems, an investment firm owned by James Murdoch. In that structure, well recognized publishing brands Vox.com, Vox Media Podcast Network, and New York Magazine carry over to Lupa at a cost of $300 million.

Meanwhile, a subsidiary called PMX is formed to acquire digital publishing assets that include The Verge, Eater, SB Nation, Thrillist, and a few others. The shuffle, while appearing as if it might be disruptive, the individual brands affected by the reorg continue to publish and operate with current staffing.

Ryan Pauley becomes president of PMX Global; he was Vox Media President.