Penske Media acquires Vox Media to become largest digital publisher

Investing.com -- Penske Media Corp announced Thursday it acquired Vox Media, making it the largest publisher in digital media. The transaction adds titles including The Verge and Punch to Penske's existing portfolio of Rolling Stone, Billboard and Variety.

The companies did not disclose financial terms of the deal. Penske said it was Vox's largest shareholder before completing the acquisition.

The transaction finalizes the sale of Vox's remaining assets. Lupa Systems, owned by James Murdoch, purchased Vox.com, the Vox Media podcast network and New York Magazine for more than $300 million in May. That deal included rights to use the Vox brand by Lupa, while the remaining assets became an independent company under a new corporate name.

Los Angeles-based Penske created a new subsidiary called PMX to manage the combined portfolio of more than 25 media brands. The company said the brands reach hundreds of millions of people monthly and produce over 300 live events annually.

"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 Jay Penske, founder and CEO of Penske Media.

Ryan Pauley, formerly president of Vox Media, was named president of PMX. Ken Delalcazar, Penske's executive vice president of finance, will expand his role to serve as chief financial officer of PMX.

The acquisition reflects ongoing consolidation in media as publishers pursue greater scale and diversified revenue from events, advertising and subscriptions.

You May Also Be Interested In

• Corning (GLW) files for up to $2B offering of common shares
• Stellantis to sell idle Toronto plant to Canada’s Roshel
• EagleOne Metals closes $225,199 non-brokered private placement