Penske Media Corporation announced that it has agreed to acquire several Vox Media brands, including Eater, The Verge, SB Nation, Popsugar, The Dodo, Punch, and Thrillist.
The transaction also includes Concert, Vox Media’s premium ad marketplace, and Forte, Vox Media’s first-party data platform. Financial terms of the deal were not disclosed.
Penske Media was Vox Media’s largest shareholder before the transaction was announced. Existing Vox Media shareholders will retain a minority ownership stake in PMX, a new Penske Media subsidiary created to house the combined publishing portfolio.
PMX will combine Penske Media’s existing publishing brands with the acquired Vox Media properties. Penske Media’s portfolio includes Billboard, Variety, Rolling Stone, WWD, The Hollywood Reporter, Deadline, Robb Report, Artforum, Sportico, SHE Media, StyleCaster, ARTnews, FN, IndieWire, VIBE, Billboard Music Charts, and other titles.
The combined portfolio will include more than 25 media brands. Penske Media said the deal positions the company as the largest publisher in digital media, with a portfolio that reaches hundreds of millions of people every month and produces more than 300 live events annually.
Ryan Pauley, most recently President of Vox Media, will join Penske Media as President of PMX. Pauley will oversee the newly combined portfolio and report to Penske Media Chairman and CEO Jay Penske and PMC President Craig Perreault.
Tom Finn, Penske Media’s Executive Vice President of Strategy and Operations, has been promoted to Chief Operating Officer of PMX while continuing in his existing responsibilities. Kenneth Delalcazar, Penske Media’s Executive Vice President of Finance, will also serve as Chief Financial Officer of PMX.
The deal follows the sale of other Vox Media assets to James Murdoch’s Lupa Systems, including Vox.com, the Vox Media Podcast Network, and New York Magazine.
Support: LionTree served as financial advisor to Vox Media, and Clifford Chance US served as legal advisor.
