That reportedly $500 million markdown comes as Vox Media, like many other media organizations, grapples with fallen ad revenue. Bankoff said in a statement that PMC’s investment “will allow Vox Media to continue scaling its existing brands and operations, while providing resources for future acquisitions.” But the reported terms of the deal values Vox at “just half of what the company was worth when NBCUniversal invested back in 2015,” when a $200 million funding round valued Vox at around $1 billion, Axios notes. home to brands like Thrillist and NowThis. Last year, Vox Media bought Group Nine Media. Vox Media, which owns editorial brands like New York Magazine, Vox, The Verge, and Eater, has itself been in acquisition mode in recent years. “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,” Penske said in a statement. Vox Media CEO Jim Bankoff said in a reported note to employees that the two companies would “continue to operate separately” with “editorial and business independence,” while adding they would partner commercially. “As a result of the investment, Penske Media will own about 20 percent of Vox Media, making it the largest shareholder of the company,” the New York Times reported. On Monday, Penske’s spree continued with a $100 million investment in Vox Media. PMC has also gotten into live events, including a controlling stake in Austin’s South by Southwest festival. Today, the media executive has a foothold in nearly every corner of the industry, from music (Penske Media Corporation owns Billboard, Rolling Stone, Vibe) to Hollywood ( The Hollywood Reporter, Variety, Deadline, IndieWire, TVLine, Gold Derby) to art (ARTnews, Art in America, Artforum) and fashion ( Women’s Wear Daily). Jay Penske has quietly gobbled up dozens of entertainment publications over the years.
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