Penske Media Corp., Deadline’s parent company, made a strategic investment in Vox Media and is now its largest shareholder.
Vox is the owner of Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Curbed and several other media brands.
Terms of the deal were not disclosed. The companies will continue to operate independently after the transaction
“I have long admired Vox Media’s world-class editorial team and brand,” said Jay Penske, CEO and founder of Penske Media. “We deeply respect the track record of both Jim Bankoff and Vox’s senior leadership team and the company’s significant growth over the past 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 makes sense to invest for the future.”
As part of the Penske investment, Vox will join Media’s board of directors.
“We couldn’t ask for better partners than Jay and Penske Media to invest in our company’s future success, and help build and accelerate leading creative and business forces across our organization,” said Jim Bankoff, co-founder, CEO and chair. , Vox Media. “Furthermore, this investment by Penske Media will allow Vox Media to continue to scale its existing brands and operations, providing resources for future acquisitions and is another step in Vox Media’s ongoing ascent.”
Vox has grown significantly since its founding in 2011, but has recently been among many media companies hit by a tough economic environment. It announced plans to lay off 7% of its workforce last month.
LionTree acted as financial advisor to Vox Media and White & Case was its outside legal advisor. Morgan Lewis served as legal advisor to Penske Media, while Panara Group served as corporate advisor.