James Murdoch's Lupa Systems circles Vox Media assets
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James Murdoch, founder and CEO of Lupa Systems. Photo: David Paul Morris/Bloomberg via Getty Images
Vox Media is in late discussions with James Murdoch's investment firm, Lupa Systems, to sell its podcast network and part of its publishing business, a source confirmed to Axios.
Why it matters: Vox Media has been eyeing opportunities for months to sell its business in pieces, with the hope of reaping greater shareholder value than trying to sell it as a whole.
- Axios reported in November that its board had discussed possibly spinning out the podcast network after receiving active interest from strategic and financial sponsors.
- Vox Media's largest shareholder, Penske Media Corporation, was possibly interested in the company's digital publishing assets, Axios reported at the time.
- Versant, the cable spinout from Comcast/NBCUniversal, was reportedly eyeing the podcast network.
State of play: Lupa Systems is interested in buying Vox Media's podcast network as well as New York Magazine and the publishing assets associated with it, such as Grub Street, Intelligencer, The Cut and Vulture, a source confirmed to Axios.
- Vox Media acquired New York Magazine and its publishing assets in 2019. It also owns its own digital publishing brands, such as The Verge, Eater and SB Nation.
- The Wall Street Journal was the first to report on the Lupa Systems discussions.
- Vox Media did not comment.
Zoom out: Murdoch founded Lupa Systems after stepping down as CEO of 21st Century Fox. He later resigned from the board of News Corp., citing disagreements with the editorial content published by the company, which is home to the Wall Street Journal and other publications.
- Over the past few years, Lupa Systems has invested in a few media brands and experiential companies, such as Tribeca Enterprises and Vice Media.
- Vox Media's podcast network could serve as a marketing and distribution channel for some of Murdoch's experiential investments.
The big picture: Vox Media is the latest in a string of big publishing brands that have tried to narrow their focus.
- G/O Media sold off virtually all of its websites over the past few years, including The Root, Jezebel, Quartz and Kotaku.
- BuzzFeed sold Complex and First We Feast.
