Penske Media Acquires Stake in Vox Media, Becomes Its Largest Shareholder

Penske Media Corp. announced a strategic investment in Vox Media, the digital publisher whose brands include Vox.com, New York Magazine, Popsugar, Thrillist, Vulture and SB Nation. With the investment, PMC (whose properties include Variety) will become Vox Media’s largest single shareholder. Otherwise, the financial terms of the investment were not disclosed. The two companies said they will continue to operate independently. As part of the deal, PMC CEO and founder Jay Penske will join the board of directors at Vox Media. PMC is investing $100 million in Vox Media, which will give PMC a 20% stake in the company, the… Read Full Article