Jim Bankoff of Vox Media and Pamela Wasserstein of New York Media on Tuesday. Todd Heisler/The New York Times
On Tuesday, Vox Media agreed to acquire New York Media, owner of New York Magazine , one of the city’s premiere chroniclers of “highbrow, lowbrow, brilliant and despicable characters” writes the New York Times.
Neither company would discuss the valuation of the all-stock deal, that also included New York Magazine’s five online properties including The Cut — devoted to style, self, culture and power. The Wall Street Journal estimates the deal valuation of New York Media of about $105 million and Vox Media at about $750 million
While consolidations in the media industry typically mean cutting costs at the expense of quality journalism, Vox and New York said their combination was something different. They are bringing together a much-decorated print magazine, websites, a podcast empire and several streaming television deals — the very model, they hope, of a modern media company.
“No one had to do this,” Pamela Wasserstein, the chief executive of New York Media, said on Tuesday. “It’s a brilliant, in our view, opportunity, so that’s why we leaned into it. It’s not out of need. It’s out of ambition.”