Penske Media Acquires Stake in Vox Media
News of PMC’s deal with Vox Media comes less than a month after“I have long admired Vox Media’s world-class editorial teams and brands,” Penske said in a statement. “We deeply respect the track record of both [Vox Media CEO] Jim Bankoff and the senior leadership team at Vox, and the company’s remarkable growth over the last decade. 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.
Bankoff said in a statement, “We couldn’t ask for a better partner than Jay and Penske Media to invest in our company’s future success, and help us build on and accelerate the leading creative and business strength across our organization. In addition, this investment by Penske Media will allow Vox Media to continue scaling its existing brands and operations, while providing resources for future acquisitions, and is another step forward in the ongoing ascent of Vox Media.
LionTree acted as financial adviser to Vox Media, while White & Case LLP acted as its outside legal adviser. Morgan Lewis served as PMC’s legal adviser, in addition to Panarae Group, which acted as a corporate adviser., PMC brands include Rolling Stone, The Hollywood Reporter, Billboard, Dick Clark Productions, WWD, SHE Media, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Artforum, Gold Derby, Spy.com and Luminate.
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