Penske Media Corp., a global media and information services provider, has made a strategic investment in Vox Media, a media company.
Vox Media is the owner of media brands including Vox, New York Magazine, the Verge, the Cut, Eater, Vulture and the Strategist, among several others. The two companies will continue to operate independently. As part of the investment, Penske Media will become Vox Media’s largest shareholder and Jay Penske will join the board of directors at Vox Media.
“The Penske Media and Vox Media alliance will further cement both companies as leaders in modern media and take advantage of new opportunities at scale,” comments Penske. “Our two companies share a similar history of organic and acquisitive growth over time, and it made sense to invest for the future.”
LionTree acted as financial advisor to Vox Media, while White & Case LLP acted as its outside legal advisor. Morgan Lewis served as Penske Media’s legal advisor, in addition to Panarae Group who acted as a corporate advisor.