Penske Media Corp. has acquired the Vox Media portfolio of digital brands, including high-profile news and lifestyle hubs Eater, The Verge, SB Nation, Popsugar, The Dodo, Punch and Thrillist.
The pact makes PMC‘s the world’s largest digital publisher. The parent company of Variety, Rolling Stone, Deadline, Billboard, WWD, The Hollywood Reporter and many other publishing brands has created a subsidiary, PMX, to house PMC’s publishing portfolio. Ryan Pauley, who has been president of Vox Media, will join PMC as president of PMX Global.
The deal follows the sale last month of New York magazine, Vox.com and the Vox Media Podcast Network to James Murdoch’s Lupa Systems for a reported price tag of more than $300 million. Financial terms of the PMC-Vox Media pact weren’t disclosed.
PMC’s acquisition of the Vox Media brands creates a formidable digital content platform spanning entertainment, music, sports and technology, fashion, beauty, food, art and luxury. PMX assets reach hundreds of millions of consumers every month, and its labels produce more than 300 live events per year. The brands will continue to operate autonomously under the PMX umbrella, including the new additions from Vox. PMC was already the largest shareholder in Vox before the acquisition agreement.
“I am very proud to welcome this tremendous team and leading brands to Penske Media,” said Jay Penske, PMC chairman and CEO. “We have long admired these unique brands and companies, and I’m thrilled to welcome Ryan Pauley to PMC. Ryan is a top executive who has demonstrated a clear ability to build leading technology and evolve media businesses, making him exceptionally well-positioned to lead PMX’s next chapter of growth.”
PMX will also encompass Robb Report, Artforum, Sportico, SHE Media, StyleCaster, ARTnews, FN, IndieWire, VIBE, Billboard Music Charts and BEAUTYINC. The Vox transaction brings expanded bundling opportunities for PMC brands. Vox Media’s premium ad marketplace Concert is part of the transaction, as is Forte, the first-party data platform that drives high-margin ad sales.
Pauley will be based in New York and report to Penske and Craig Perreault, president of PMC.
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“These distinct digital brands bring highly engaged audiences with them, complement our existing portfolio, strengthen our content offering, and expand the possibilities for the hundreds of live events PMX will produce each year,” Perreault said. “We believe we are uniquely positioned for the future as the largest publisher in digital media and thrilled to welcome Ryan and his talented team.”
PMX represents “media’s strongest portfolio of brands,” Pauley said.
“Across music, entertainment, food, sports, fashion, beauty, technology and art, this portfolio influences and creates culture with best-in-class brands, extraordinary authority, and deeply engaged audiences and communities,” Pauley said. “Our opportunity now is to steward and grow these brands with a continued focus on brand leadership, editorial strength, audience connection, community, and live events. I’m grateful to Jay Penske for his leadership and vision. He has continued to deeply invest in journalism, live events and experiences, and believing in the power of content and the enduring value of iconic brands.”
As part of the transition to PMX, two PMC veterans have taken on expanded roles. Tom Finn, who is PMC’s executive VP of strategy and operations, has been promoted to chief operating officer of PMX, in additon to his other responsibilities. Ken Delalcazar, PMC’s executive VP of finance, has broadened his scope to serve as chief financial officer of PMX.
LionTree acted as financial adviser to Vox Media and Clifford Chance acted as legal adviser in connection with the transaction.
From Variety US