Penske Media takes a stake in Vox Media and becomes the largest shareholder

Penske Media Corporation, Deadline’s parent company, made a strategic investment in Vox Media and is now the largest shareholder.

Vox owns media brands such as Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Curbed and many more.

The terms of the agreement were not disclosed. After the transaction, the companies will continue to operate independently.

“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and founder of Penske Media. “We have great respect for the track record of Jim Bankoff and the Vox leadership team and the remarkable growth of the company over the past decade. The alliance between Penske Media and Vox Media will further strengthen both companies as leaders in modern media and capitalize on new opportunities at scale. Both our companies share similar histories of organic and acquisition growth over time and it made sense to invest in the future.”

Penske will join Vox Media’s board of directors as part of the investment.

“We couldn’t ask for a better partner than Jay and Penske Media to invest in the future success of our company and to help us build and accelerate our company’s leading creative and business force,” said Bankoff, co-founder of the founder. , CEO and Chairman of Vox Media. “Furthermore, this investment by Penske Media will enable Vox Media to continue to scale its existing brands and operations, while providing resources for future acquisitions and is another step forward in Vox Media’s continued ascent.”

Vox has grown strongly since its inception in 2011, but has recently been one of many media companies plagued by a difficult economic environment. Last month it announced plans to lay off 7% of its workforce.

LionTree acted as financial advisor to Vox Media and White & Case as external legal advisor. Morgan Lewis acted as legal counsel to Penske Media while Panarae Group acted as corporate counsel.