New York Magazine Acquired By Vox Media

New York magazine will soon be under new ownership.

Vox Media agreed Tuesday to acquire New York Media, the print magazine’s parent company, the New York Times reported Tuesday evening.

“No one had to do this,” Pam Wasserstein, chief executive of New York Media, told the Times. “It’s a brilliant, in our view, opportunity, so that’s why we leaned into it. It’s not out of need. It’s out of ambition.”

Jim Bankoff, Vox Media’s chief executive and chairman, added that there would be no editorial layoffs at the magazine as a result of the acquisition.

“Nothing changes editorially for any of our brands,” he said.

Vox Media, a digital behemoth popular with technology buffs, foodies and sports fans, is home to The Verge, Eater, Curbed, Vox, Recode, Polygon and SB Nation.

Pulitzer Prize-winning New York was founded by Milton Glaser and Clay Felker in 1968. Other brands under the New York Media umbrella include Grub Street, The Cut and Vulture. The company eliminated 32 jobs in March — 16 full-time staffers and 16 part-timers and freelancers — amid a restructuring.

The two companies said tonight in a joint statement they’ll serve hundreds of millions of consumers via websites, podcasts, television, and print.

“Combined, our editorial work will be unrivaled in its breadth and quality, whether watched, read, or heard — on websites, TV, and streaming services; in podcasts, at live-event stages, and on social platforms; or in digital and print magazines,” the statement said.

“This combination is solely about leadership, growth, and opportunity,” the statement continued. “Two companies that are already strong — creatively, financially, and culturally — are coming together to be even stronger, to serve and delight audiences and customers with a fuller, more diverse portfolio of offerings, and to be a place where the most talented professionals can do their best work in an environment that respects them and their values.”

The deal, which is subject to regulatory approval, is expected to close later this year.