Penske Media Takes Stake In Vox Media, Becoming Its Largest Shareholder
Penske Media Corporation, Deadline’s parent company, has made a strategic investment in Vox Media and is now its largest shareholder.
Vox is the owner of media brands such as Vox, New York magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Curbed and several more.
Terms of the deal were not disclosed. The companies will continue to operate independently after the transaction.
“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.”
Penske will join the board of directors at Vox Media as part of the investment.
“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,” said Bankoff, co-founder, CEO and chair of Vox Media. “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.”
Vox has grown significantly since its founding in 2011, but lately it has been among many media companies buffeted by a difficult economic environment. It announced plans last month to lay off 7% of its staff.
LionTree acted as financial adviser to Vox Media, and White & Case was its outside legal advisor. Morgan Lewis served as Penske Media’s legal adviser, while Panarae Group acted as a corporate adviser.