Penske Media Corporation becomes the largest shareholder in Vox Media

Penske Media Corporation becomes the largest shareholder in Vox Media ...

Penske Media Corporation, IndieWire's parent company, has made a significant investment in Vox Media, the largest shareholder in the media group that owns New York Magazine and its associated sites, as well as Group Nine Media, the owner of Thrillist.

The parameters of the transaction were not disclosed, but the companies will continue to operate independently following the transaction. PMC CEO and founder Jay Penske will join Vox Media's board of directors.

Vox Media's CEO Jim Bankoff resigned after 7 percent of its workforce, or roughly 130 employees, was laid off for the second time in less than six months after a round of layoffs that eliminated 2 percent of jobs in July 2022.

Vox Media owns tens of thousands of digital media brands, including the nameake Vox website, Eater, Polygon, SB Nation, and Recode. New York Magazine also includes affiliate sites such as The Cut, Vulture, Grub Street, Intelligencer, and Curbed. In December 2021, the company merged with Group Nine Media, bringing Thrillist, Popsugar, and NowThis under its umbrella.

Penske said in a statement that she admires Vox Media's exceptional editorial teams and brands for the past decade. Both companies have long been recognized as pioneers in modern media and will leverage new opportunities at scale. Our two businesses have a similar history of organic and acquisitive growth, and it was appropriate to invest for the future.

Bankoff said in a statement that he couldn't ask for a better partner than Jay and Penske Media to invest in our company's future success, and help us build on and accelerate the leading creative and business strength across our organization. "In addition, this investment by Penske Media will allow Vox Media to continue scaling its existing brands and operations, while providing resources for future acquisitions," and is another step forward in Vox Media's ongoing ascension.

Vox Media's financial advisor was LionTree, while White & Case LLP served as an outside legal advisor. Morgan Lewis served as Penske Media's legal advisor, alongside Panarae Group's corporate advisor.

PMC owns Variety, Rolling Stone, WWD, BGR, ARTnews, Fairchild Media, and GoldDerby, among other digital and print companies. The company's live-content off-shoots include: Deadline, Sportico, BGR, Fairchild Media, and the American Music Awards and Golden Globes.