Vox Media Is Raising $100 Million From Penske Media

Author: Yuvi February 7, 2023 Vox Media Is Raising $100 Million From Penske Media

Vox Media, owner of publications including New York Magazine and tech site The Verge, is raising $100 million from Penske Media, the owner of a swath of entertainment and trade publications including Rolling Stone and Variety, according to several people with knowledge of the deal.

Vox owns an array of digital tech, sports and lifestyle publications, including Recode, SB Nation, Eater and Vulture. The company has struck stock deals to acquire other digital media properties in recent years, buying Group Nine Media, a holding company that owned The Dodo animal site; Thrillist, a site for food and travel enthusiasts; and NowThis, a social-first news company.

Like other media companies, Vox Media has been hurt by the recent downturn in the advertising market. Jim Bankoff, the chief executive, announced last month that the company was laying off about 7 percent of its staff, citing the possibility of a “prolonged downturn.”

In addition to raising funds, Vox Media has met with other media companies to discuss potential acquisitions or sales of some of its media properties, according to two other people familiar with the matter. In recent years, the company has sought to reduce its reliance on advertising by developing new lines of revenue including digital subscriptions, and e-commerce.

Vox Media could use the money to make acquisitions to expand its business, one of the people with knowledge of the deal said, adding that the company doesn’t plan to raise additional money.

The Vox Media deal is the latest in a series of acquisitions and investments made by Penske Media. Last month, a subsidiary of the company, Penske Media Eldridge, announced a deal to acquire Dick Clark Productions, the live entertainment production company behind “Dick Clark’s Rockin’ Eve.”

Much of Penske Media’s revenue comes from live events, including LA3C, a Los Angeles-based festival celebrating music, art and food. The company is also an owner of South by Southwest, a festival known for previewing emerging tech companies.

Author: Yuvi

My name is Yuvi, I work as Sub Editor at newscinema.in

7 February, 2023, 3:00 am

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