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James Murdoch is in advanced talks to acquire New York magazine and a number of podcasts from Vox Media, according to people familiar with the discussions.
His offer was approximately $US300 million ($418 million), one of the people said. There’s no deal in place yet and the assets could sell for much more, another person said. TheWall Street Journal first reported on the talks, but said the deal could “fall apart at any time”.
Interestingly, Rupert Murdoch once owned New York magazine after acquiring it in a hostile takeover in 1976. He offloaded it in 1991.
The younger son of Rupert Murdoch cashed out the last of his share of the family’s interest in News Corp and Fox last year in an agreement with his father and siblings after an acrimonious legal spat. James, and siblings Prudence MacLeod and Elisabeth Murdoch, each walked away with $US1.1 billion in the settlement, bringing to an end to their lifelong association with the media companies founded by their grandfather Keith Murdoch. The court battle lifted the lid on bitter fighting in the Murdoch family, prompted by the threat of the three opposing siblings’ ability to kick their brother, Lachlan, out of his position of control should their father die.
The Murdoch family drama was widely viewed as an inspiration for the television series, Succession, which was about infighting among members of a media dynasty. Its real-life resolution preserves the conservative tilt of Murdoch’s media outlets. The family’s drama has also been the subject of a recent Netflix documentary.
James Murdoch revealed his anguish over family betrayals and dysfunction, allegedly driven by his father, who pitted the siblings against each other, in a report published by US magazine The Atlantic last year.
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He has long expressed more progressive political views than Rupert or Lachlan and he and his wife Kathryn have been described as some of the largest “Never Trump” political donors and have made significant contributions to Democratic causes, according to CNN.
His private holding company, Lupa Systems, has made a number of investments in media as well as businesses tied to pop culture, including a streaming service in India and the parent company of the Art Basel fairs. Earlier this year, he revealed plans to launch a new ideas expo in Switzerland.
As their listeners grow, podcasts have drawn interest from private equity firms and traditional media companies. Netflix recently began adding video podcasts to its streaming service.
The Vox podcast network includes shows such as Pivot, Pretty Tough with Maria Sharapova and The Curiosity Shop.
Bloomberg
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