James Murdoch is reportedly in advanced discussions to acquire New York magazine and its podcast division from Vox Media, according to sources familiar with the matter. The potential transaction, to be executed through Murdoch's investment firm Lupa Systems, has not been finalized and could still fall through.

If completed, the acquisition would further expand the media holdings of James Murdoch and his wife, Kathryn Murdoch. Lupa Systems already holds stakes in several prominent cultural and media ventures, including Tribeca Enterprises, the organization behind the Tribeca Film Festival, and MCH Group, which owns Art Basel. Kathryn Murdoch has also invested in The Bulwark, a digital news platform catering to a conservative audience that opposes former President Donald Trump.

Vox Media was once considered part of a select group of digital media companies, alongside BuzzFeed and Vice Media, that were shaping the future of news and entertainment through their provocative headlines and contemporary content. However, the company has faced persistent challenges from a volatile advertising environment, shifts in search-driven traffic, and growing competition, prompting it to reconsider its business model and strategic direction.

James Murdoch, the younger son of News Corp founder Rupert Murdoch, created Lupa Systems in 2019 after stepping down as CEO of 21st Century Fox amid the company’s significant sale of assets to Walt Disney Co. In 2020, he also resigned from News Corp’s board, citing disagreements over the company’s editorial approach. Rupert Murdoch continues to control News Corp, which owns major media properties including The Wall Street Journal and Fox News.

Vox Media’s CEO, Jim Bankoff, along with a spokesperson for James Murdoch, declined to comment on the potential sale. The discussions reflect ongoing shifts within the media industry as established and emerging players seek new ways to navigate a rapidly evolving digital landscape.