PMC Announces Investment in Vox Media

Penske Media Corporation (PMC) has completed its strategic investment to be the largest shareholder of Vox Media, which owns several media brands including Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Intelligencer, Curbed, Grub Street, Recode and more.  

Terms of the deal were not disclosed. The two companies will continue to work independently.

“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, founder, chief executive officer, Penske Media. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox Media, 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.”  

This deal will expand PMC's presence in the media space. The company currently owns Rolling Stone, The Hollywood Reporter, Billboard, Dick Clark Productions, WWD, SHE Media, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Artforum, Gold Derby, Spy.com and Luminate. PMC also owns cultural events including SXSW, LA3C, Life is Beautiful, Latin Music Week and ATX Television Festival. 

Related:Vox Media to Merge with Group Nine 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,” says Bankoff, co-founder, chief executive officer and chair, 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.”   

Penske will join the board of directors at Vox Media. LionTree acted as financial advisor to Vox Media, while White & Case 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 advisor.   

In 2019, Vox Media acquired Group Nine Media, which included media titles Thrillist, Popsugar, The Dodo and NowThis.