Vox Media Buys New York Magazine

Vox Media is buying New York magazine.

That’s the breaking news from the media desk of the New York Times, dropped amidst a political frenzy that had most eyes trained towards Washington D.C.

The Times’ Marc Tracy and Edmund Lee reported first that Vox Media acquired the vaunted New York mag — along with its websites Vulture, The Cut, Grub Street, The Strategist and Intelligencer — in an “all-stock transaction.”

In a statement provided to Mediaite, Vox Media said CEO Jim Bankoff will remain at the helm while New York Media CEO Pamela Wasserstein will be appointed president of Vox Media.

“No one had to do this,” Wasserstein told the Times. “It’s a brilliant, in our view, opportunity, so that’s why we leaned into it. It’s not out of need. It’s out of ambition.”

In a promising sign, Vox Media CEO Jim Bankoff said the merger would result in no layoffs or shutterings of New York mag properties. They will join the Vox portfolio of brands, which includes Vox brands Vox, The Verge, Eater, Curbed and SB Nation.

New York recently faced a shakeup in its editorial management, when longtime editor in chief Adam Moss stepped down. He was succeeded by David Haskell.

“The editorial networks will remain distinct,” Vox Media said in a statement, “with the New York brands led by Editor-in-Chief David Haskell and Vox Media brands led by Melissa Bell, Publisher of Vox Media.”

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