Vox Media has raised $100 million from Penske Media Corp., according to two sources familiar with the situation.
Vox Media, the digital media holding company whose titles include New York Magazine, Eater and The Verge, has raised $100 million from Penske Media Corp., according to two sources familiar with the situation.The money will help Vox Media weather a brutal ad market while remaining independent, and makes Penske the company's largest outside shareholder., has discussed other strategic options, including a sale of all or part of its business.
PMC houses numerous entertainment brands, including Variety, Rolling Stone, The Hollywood Reporter and Billboard. It's also begun investing in event franchises, like SXSW and the Life is Beautiful festival.values Vox at $500 million, which is just half of what the company was worth when NBCUniversal invested back in 2015.
It's also well less than Vox's annual revenue, which tracks with how rival Buzzfeed also is trading well below its top-line. Axios has learned that the entire $100 million investment is primary capital, which means that no existing shareholders sold into the deal.The two companies will "continue to operate separately" with "editorial and business independence," Vox Media CEO Jim Bankoff said in a note to staff that was obtained by Axios and first reported byThey will partner commercially, he added, noting that they already partner on Vox Media's advertising network, Concert.
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