FOX Business' Stuart Varney on the mainstream media losing sight of what is really important to Americans.videoVarney: The media is losing its mind

FOX Business’ Stuart Varney on the mainstream media losing sight of what is really important to Americans.

Vox Media acquired New York Magazine and its sister brands late Tuesday in an all-stock deal that merges two of the most prominent digital media publishers.

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Vox Media CEO Jim Bankoff will oversee a combined entity that includes New York Magazine as well as its popular digital offerings, The Cut, Grub Street, Vulture, Intelligencer and The Strategist. New York Media CEO Pam Wasserstein will assume the title of president at Vox Media and retain operational control over her former company’s properties.

The deal is expected to close this fall, according to the Hollywood Reporter. The deal’s financial terms were not disclosed.

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"I have long admired what Pam and the New York Media team have built, especially their ability to shape conversations with some of the most relevant and ambitious work in digital, print, and events," Bankoff said in a statement. "This combination puts Vox Media in an unparalleled position to lead the media industry forward by focusing on the highest-quality offerings, most robust business models, and strongest company culture."

The deal is not expected to result in layoffs for editorial staffers or shutter any brands, Bankoff told the New York Times, which first reported the acquisition. Vox Media, which includes the eponymous news site, SB Nation, Eater, The Verge and Curbed, turned a $185 million profit last year and raised funding at a $1 billion valuation in 2015.

New York Media was losing up to $10 million annually in recent years, though the Times reported the company had experienced a “recent upturn.” The company conducted a round of layoffs earlier this year and had been exploring a sale for months.

"As I began talking with Jim about what the future might look like together, it quickly became apparent that our companies pair incredibly well. We share core values — above all, a commitment to journalistic excellence — and each bring complementary areas of expertise to the enterprise. In this partnership, I’m looking forward to creating a new kind of media company with him and our combined teams," Wasserstein said in a statement.

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Company officials estimated that the combined properties were draw 125 million monthly visitors.

Source Link:
https://www.foxbusiness.com/markets/vox-media-acquires-new-york-magazine

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