New York magazine will merge with Vox Media

Pam Wasserstein will continue to lead activities in New York as President of Vox Media.

In a movement that unites a hardcore of the traditional media with a new parvenu of the media, New York MagazineThe owner of has agreed to merge with Vox Media.

The transaction, which is expected to be finalized this fall, will see Jim Bankoff, CEO of Vox Media, take the lead in the merged company. Pam Wasserstein, whose father Bruce bought New York in 2004 and launched New York Media, will continue to lead the magazine and its various digital brands as president of Vox Media. She will also join the board of directors of the company.

"I've long admired what Pam and the New York media team have built, particularly their ability to form conversations with some of the most relevant and ambitious work in digital. , print and event, "Bankoff said in a statement. "This combination puts Vox Media in an unmatched position to advance the media industry by focusing on the highest quality offerings, the strongest business models and the strongest corporate culture."

Through this purchase, Vox Media acquires a multi-storey printing magazine and its many sites, including The cup, Vulture and Grub Street, added to a portfolio that already includes several digital brands, a podcast network and a film and television production industry.

Wasserstein had been considering for more than a year a sale of the company, which had been the subject of a series of layoffs earlier in March due to losses. Bankoff said The New York Times, who first reported the news, that there would be no editorial dismissal or the closing of publications as part of the transaction. Vox Media keeps David Haskell up as the editor-in-chief of New York, referring to Wasserstein. Melissa Bell, publisher of Vox, will continue to report to Bankoff.

"We took inspiration from Vox Media to follow their growth trajectory and their success in developing top-of-the-line editorial brands and leading the industry in areas such as podcasting and entertainment," said Wasserstein. "When I started talking to Jim about the future, it quickly became clear that our societies are marrying incredibly well – we share the same core values ​​- our commitment to excellence. journalistic – and each brings complementary skills to society ". In this partnership, I look forward to creating a new type of media company with him and our teams combined. "

New York was founded in 1968 and has grown over the years into new business sectors such as e-commerce The strategist), digital subscriptions and consumer events. Vox Media, meanwhile, started in 2005 as SportsBlogs sports media site. Bankoff joined the company in 2008 and has renamed Vox Media after its acquisition in 2011 of Engadget. The move allowed him to develop in technology (The edge), food (through the acquisition of Cubed Network) and information and politics (Vox).

Both companies have developed in recent years in podcasting, film and television. Vox Media is expected to leverage New York Media's expertise in e-commerce, while New York Media will utilize the accumulated production resources within Vox Media Studios.

the Times reported that Vox Media, which raised more than $ 300 million in venture capital funds worth $ 1 billion, made a profit of $ 185 million last year and is expected to reach a business figure of $ 300 million by 2020. Bankoff said to the Times that the company will remain profitable with the addition of New York Media, which takes a minority stake in Vox Media.

"There has never been such an exciting or difficult period in the media," Bankoff and Wasserstein said in a blog post announcing the deal, referring to dismissals and downgraded valuations in the news media. traditional and new media. "Technology and changing consumer habits are creating new opportunities and stimulating the consolidation of the sector.We have seen a series of mergers and acquisitions in our sector and we have often been struck by their unambitious reasons and ambitions. Too many contracts are spent to save time or quickly change a story if a company has failed to innovate.

"On the other hand, this combination only concerns leadership, growth and opportunity – two already strong companies – creatively, financially and culturally – are getting closer and stronger, serving and delighting audiences and clients with a portfolio. more complete and diversified offerings and the place where the most talented professionals can do their best in an environment that respects them and respects their values.We are extremely grateful and delighted to have the opportunity to have the future of our industry right. "