A Murdoch Is In “Advanced Talks” to Buy New York Magazine

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The recent wave of media sales and consolidations continues, as The Wall Street Journal reports that James Murdoch — youngest son of Rupert Murdoch, the right-wing extremist owner of Fox News, The New York Post, and WSJ (among others) — is in advanced talks to buy Vox Media-owned New York Magazine and Vox’s podcast network.

According to CNN, Murdoch’s Lupa Systems investment company has offered around $300 million (or more) for the properties, though the deal may not go through. It is unclear at this time if Vox is in talks with any other interested parties, but the company has been exploring a sale — in whole or in parts — for a while now as they continue to suffer in the current digital media environment.

Murdoch’s father owned New York Magazine form 1976 to 1991, buying the magazine during a hostile takeover and selling it to financier Henry Kravis 15 years later, the same year he bought the New York Post.

Acquiring New York Magazine would bring the publication back into the Murdoch family and give the younger Murdoch a significant foothold in the American media market (struggling though it may be) as would include popular New York verticals like The Cut, Vulture, and Intelligencer. James already owns a stake in The Tribeca Film Festival.

James is not his father, though. He broke with his family’s media empire in 2020, resigning from the board of Fox Corp amid disagreements about the editorial bent of the family’s brands. And his foundation Quadrivium primarily funds Democratic campaigns, climate change advocacy groups, and pro-democracy/election reform initiatives, including over $20 million to President Biden’s campaign and affiliated anti-Trump groups.

Still, the every sale of a media company these days seems to be accompanied by layoffs and the further erosion of what is left of quality independent journalism. Maybe that wouldn’t be the case with James Murdoch at the helm. Certainly he would be better than a lot of the people buying up media properties these days. But that’s a pretty low bar.