A wave of consolidation in the media sector has continued with Vox Media and New York Media linking arms to form an enlarged independent media company which will retain the Vox Media branding.
The merger will bring the venerable New York Magazine alongside five digital brands into the Vox Media fold, positioning the newly expanded business well for capitalizing on advertising solutions.
By pooling resources, it is hoped that Vox Media 2.0 can capitalise on more diverse revenue streams including scaled premium brand advertising and affiliate commerce shopping.
Jim Bankoff, chairman and chief executive of Vox Media, will remain at the helm of the expanded business. He commented: “This combination puts Vox Media in an unparalleled position to lead the media industry forward by focusing on the highest-quality offerings, most robust business models, and strongest company culture.”
New York Media chief Pam Wasserstein, who will assume the role of president, added: “We have drawn inspiration from Vox Media, watching their growth trajectory and success in developing premium editorial brands and leading the industry in areas like podcasting and entertainment. As I began talking with Jim about what the future might look like together, it quickly became apparent that our companies pair incredibly well. We share core values — above all, a commitment to journalistic excellence — and each brings complementary areas of expertise to the enterprise.”
Subject to final sign-off the merger is expected to complete in the autumn, creating a combined portfolio that includes Curbed, The Cut, Eater, Grub Street, Intelligencer, New York Magazine, Polygon, Recode, SB Nation, The Strategist, The Verge, Vox, and Vulture.
Editorial control will remain distinct however with New York brands led by editor-in-chief David Haskell and Vox Media brands led by Melissa Bell, publisher of Vox Media.
Last year New York Media acquired comedy website Splitsider, now integrated within Vulture.