Vox Media sells podcast biz, some publishing brands to James Murdoch's Lupa Systems

Vox Media has agreed to sell its podcast business and some publishing assets to James Murdoch's investment firm Lupa Systems. The publishing giant has been eyeing opportunities for months to sell its business in pieces, with the hope of reaping greater shareholder value than trying to sell it as a whole. Lupa has agreed to acquire New York Magazine, the Vox Media Podcast Network and the news site Vox from the digital media group Vox Media. Those properties will operate as a subsidiary of Lupa Systems called Vox Media. In acquiring the New York Magazine publishing group, Lupa Systems will also inherit brands such as Grub Street, Intelligencer, The Cut, and Vulture. Vox Media's remaining brands, including Eater, Popsugar, SB Nation, The Dodo, and The Verge, are not included in the transaction. The company did not detail a plan for how its remaining assets would be managed. Vox Media co-founder and CEO Jim Bankoff will join Lupa Systems as the CEO of the new company upon closing.