James Murdoch Advances Vox Deal for New York Magazine
James Murdoch is in advanced talks through Lupa Systems to buy New York magazine and Vox Media's podcast network. The talks could still fall apart, leaving two pieces of Vox Media's portfolio in limbo while the investor tries to add a major media brand and a 40-plus original-podcast network to his holdings.
Vox Media and New York
Vox Media owns New York magazine and the podcast network now under discussion, while the company also merged with Group Nine Media in December 2021. If the deal advances, the buyer would take control of a brand that traces back to Rupert Murdoch's hostile takeover in 1976, through Bruce Wasserstein's $55 million purchase in 2004 and Vox's all-stock deal in 2019.
40-plus original podcasts sit in the network that is part of the talks. That gives the negotiations a wider reach than a single magazine title, because the assets under review span print identity and audio output at the same time.
Lupa Systems and Murdoch
Lupa Systems is the vehicle James Murdoch is using in the talks, and the firm already holds interests in media and cultural businesses including Tribeca Enterprises, MCH Group and previously Vice Media Group. Murdoch also served as chief executive of 21st Century Fox from 2015 to 2019, then resigned from the News Corp board in 2020 over disagreements about certain editorial content published by the company's news outlets.
The Murdoch family settlement announced in September 2025 also changed the frame around any new dealmaking. Under that agreement, Lachlan Murdoch is buying out the stakes of James Murdoch, Prudence MacLeod and Elisabeth Murdoch for about $1.1 billion each.
Talks Could Still Fail
The status line from the talks is the hardest part to ignore: they could still fall apart. A Vox Media representative declined to comment, and representatives for Lupa Systems did not respond to a request for comment, leaving the market with a transaction that is reported as advanced but not locked.
Penske Media Corp. bought a minority stake in Vox Media in 2023, investing $100 million for a 20% stake, according to. That prior financing shows Vox has already drawn outside capital, but the current negotiations would shift ownership of New York magazine and the podcast network rather than add another passive investor.
