D.C.-based Vox Media LLC is receiving a shot in the arm from Penske Media Corp., the owner of Variety, Rolling Stone, The Hollywood Reporter, Billboard, Dick Clark Productions and more.
The Los Angeles media and information services company said Monday it made an undisclosed investment in Vox that makes it its largest shareholder. The New York Times and Axios, citing unnamed sources, reported that the investment totals $100 million and gives PMC a 20% stake in Vox Media.
Vox Media operates a slate of news, entertainment and lifestyle sites, including The Verge, Vox, SB Nation, Eater, Recode, PopSugar, Thrillist and the websites affiliated with New York magazine — the Intelligencer, Vulture, Curbed, Grub Street and others.
The investment comes just a couple weeks after Vox Media said it was laying off about 7% of its staff, citing uncertainty surrounding the economy. The investment will help Vox Media weather what is proving to be a difficult advertising market for publishers with…
Read the full story from the Washington Business Journal.
