6 hours ago - Business

Penske buying what's left of Vox Media

Dan Primack

Illustration of a newspaper paper plane overlapping geometric shapes. — Illustration: Lindsey Bailey/Axios

Penske Media Corp. has acquired Vox Media's digital brands, including The Verge, Eater, SB Nation, Popsugar, The Dodo, Punch, and Thrillist.

Why it matters: This is the end of Vox, which once was at the vanguard of new media and valued by venture capitalists at $1.2 billion.

Last month, it agreed to sell its podcast network and New York magazine to James Murdoch's Lupa Systems for around $300 million.

Catch up quick: Vox raised around $450 million since its 2003 founding, including a $200 million Series G round in 2015 at the $1.2 billion post-money valuation. In 2023, it raised around $100 million at a $500 million post-money valuation from Penske Media, Glynn Capital, and The Rockefeller Foundation.

Other backers included Accel, Khosla Ventures, Comcast Ventures, General Atlantic, Next Play Ventures, and Providence Equity Partners.

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Penske buying what's left of Vox Media

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