James Murdoch buys New York magazine, Vox.comnewsline24

May 20 (UPI) — James Murdoch, the youngest son of Media giant Rupert Murdoch, is buying New York magazine and Vox.com but not some other media sites in the group.

James Murdoch owns media and tech holding company Lupa Systems, which purchased the media assets. Besides New York and Vox.com, Lupa Systems will also acquire Vox’s podcast network.

Vox Media CEO Jim Bankoff said in an email to staff that he will leave to head up a new company owned by Murdoch. Vox Media President Ryan Pauley will lead a new company, which will get a new name and include the brands that were left out of the sale: SB Nation, the Dodo, Eater, the Verge and Popsugar.

The company said that the deal is expected to close in four to six weeks.

“This acquisition aligns well with our existing holdings and investments and reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations,” Murdoch said in a statement.

Other media holdings of Lupa Systems include Swiss art fair company Art Basel, film and TV production company Tribeca Enterprises and a stake in Indian streaming platform JioStar.

“In James and Kathryn Murdoch, we have owners whose record reflects their values – values important to Vox,” editor-in-chief Swati Sharma said in a statement. She added that the Murdochs have committed more than $50 million to strengthening journalism through their Quadrivium Foundation.

“They believe in editorial independence, see the value in multiplatform journalism, and through their foundation, are invested in finding solutions to societal problems,” Sharma wrote. “I couldn’t have hoped for better stewards of Vox.”

Murdoch split from his father’s and brother’s right-wing media business years ago, and his politics are known to be more moderate than his father’s, CNN reported.