NEW YORK (CelebrityAccess) – Penske Media Corporation (PMC) announced Monday (February 6) it has made a significant investment in Vox Media and is now its largest shareholder. The financial terms of the deal were not disclosed and the companies will continue to operate independently. Jay Penske, CEO and Founder of PMC joined the Vox board of directors as part of the deal.
Vox Media is the owner of brands such as New York Magazine, The Verge, The Cut, Vulture, Polygon, Curbed, and more.
“I have long admired Vox Media’s world-class editorial teams and brands,” said Jay Penske, CEO and Founder of Penske Media. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox, and the company’s remarkable growth over the last 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 made sense to invest for the future.”
This latest investment follows the news of Penske Media Eldridge’s (PME) acquisition of Dick Clark Productions (dcp) in January. PME is a subsidiary and joint venture between the Penske Media Corporation (PMC) and Eldridge. The acquisition of dcp expanded PME’s entertainment brands with the SXSW Festival, Life is Beautiful and LA3C.
Penske Media Corporation (PMC)’s other media brands include Variety, Rolling Stone, The Hollywood Reporter, Billboard, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Artforum, Luminate, and others.