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Penske Media Corporation has completed its strategic investment in Vox Media.
Vox Media is the owner of media brands including Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Intelligencer, Curbed, Grub Street, Recode, Thrillist, Popsugar, The Dodo and NowThis.
Terms of the deal were not disclosed.
“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and founder of Penske Media. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox, and the company’s remarkable growth over the last decade. The Penske Media and Vox Media alliance will further cement both companies as leaders in modern media and take advantage of new opportunities at scale. Our two companies share a similar history of organic and acquisitive growth over time, and it made sense to invest for the future.”
Added Bankoff, co-founder, CEO and chair of Vox Media: “We 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 the ongoing ascent of Vox Media.”
As part of the deal, the two companies will continue to operate independently, and Penske Media will become Vox Media’s largest shareholder. Jay Penske will join the board of directors at Vox Media.
LionTree acted as financial advisor to Vox Media, while White & Case LLP acted as its outside legal advisor. Morgan Lewis served as Penske Media’s legal advisor, in addition to Panarae Group, who acted as a corporate adviser.
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