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Vox Media

Vox Media, the D.C.-based digital media company that's home to several popular internet brands, like Polygon, Eater, SB Nation and others, agreed to acquire New York Media, the parent company to New York Magazine, on Tuesday in an all-stock transaction. Deal terms were not disclosed.

Why it matters: New York Media has been in the hands of a private family trust for years. Its sale underscores a growing trend of media companies consolidating either for stability, survival or growth.

Details: According to a joint statement, New York Media CEO Pam Wasserstein, whose father purchased New York Magazine in 2003, will continue to run New York Media's properties while also overseeing strategic initiatives for the company, including commerce and consumer businesses.

  • Her new title will be Vox Media president, and she will take a seat on Vox Media's board. Vox Media Chairman & CEO Jim Bankoff will remain in his role.

The backstory: Reports surfaced last summer that Wasserstein was looking for a buyer. She ended her search in June after speaking with Vox, the New York Times reports.

  • "As I began talking with Jim about what the future might look like together, it quickly became apparent that our companies pair incredibly well," Wasserstein said in a statement.

Be smart: New York Media, which also owns a handful of digital news and culture sites, like The Cut, The Strategist, Grub Street, the Intelligencer and Vulture, has in many ways grown its company in a similar fashion as Vox Media. Both started out building digital first brands that they later commercialized through other revenue streams.

  • Both own their own custom CMS (content management) software businesses that they license. And both license storylines to studio production teams for money. (It was announced Monday that New York Media would sign with the same talent and content licensing agency that currently works with Vox Media, WME.)
  • Where they differ is that New York Media brings a strong commerce brand to the combined company, while Vox Media brings a strong podcasting business.

Yes, but: Don't expect the content to change all that much, at least for now. While the companies say they look forward to "opportunities for collaboration," the editorial networks from the two companies "will remain distinct."

  • New York Media brands will continue to be led by New York Media Editor-in-Chief David Haskell and Vox Media brands will continue to be led by Vox Media Publisher Melissa Bell, per the joint statement.

The big picture: Digital media companies, especially those like Vox Media with venture capital funding, have struggled to grow their businesses meaningfully over the past few years, resulting in fire-sales and layoffs.

By the numbers: Per the Times, the combined entity "is expected to generate more than $300 million in annual revenue and will be profitable."

  • Vox Media, which was once valued at $1 billion, and has raised over $300 million in funding. Reports have suggested that is was profitable in 2018.
  • But New York Media was reportedly losing money before a recent upswing, per The Times.

Our thought bubble: For the past few years, a narrative has been built that digital media companies need to scale to compete against tech giants for ad dollars. This merger shows a new strategy that could potentially be the start of a different trend: Merge to combine complimentary assets, not eyeballs.

Go deeper

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1 dead after pickup truck hits Pride spectators in Florida

Police investigate the scene where a pickup truck drove into a crowd of people at a Pride parade in Wilton Manors, Florida, on Saturday. Photo: Jason Koerner/Getty Images

A driver in a pickup truck hit spectators at a Pride festival in Wilton Manors, Florida, killing a man and leaving another person hospitalized Saturday, authorities said.

Details: Fort Lauderdale Mayor Dean Trantalis told reporters police had "apprehended the driver" and that the vehicle missed a parade car carrying Rep. Debbie Wasserman Schultz (D-Fla.) "by inches."

Updated 8 hours ago - Sports

Uganda Olympic team member tests positive for COVID in Tokyo

The Uganda National boxing team's Catherine Nanziri (L) and others arrive for check-in at Entebbe international airport in Wakiso, Uganda on Friday, ahead of their departure to participate in the Tokyo Olympic Games. Photo: Badru Katumba/AFP via Getty Images

A Uganda Olympic team member tested positive for COVID-19 upon arrival in Japan late Saturday, officials said.

Why it matters: Japan's government has faced criticism for vowing to host the Tokyo Games next month as coronavirus cases rise. The Ugandan team is the second to arrive in Japan after the Australian women's softball players, and this is the first COVID-19 infection detected among the Olympic athletes, Al Jazeera notes.

Updated 12 hours ago - World

In photos: Brazilians rally against Bolsonaro as COVID deaths top 500,000

A June 19 protest in São Paulo, Brazil, against the administration of Brazilian President Jair Bolsonaro, who has railed against precautionary health measures despite the soaring COVID-19 death rate and cases. Photo: Rodrigo Paiva/Getty Images

Demonstrators took to the streets in at least 22 of Brazil’s 26 states to protest President Jair Bolsonaro's handling of the pandemic — as deaths from COVID-19 in the country surged past 500,000 Saturday, per AP.

The big picture: Brazil has the world's second-highest coronavirus death toll and third-highest number of reported cases. Only 12% of the country's population has been vaccinated against the virus, AP notes.