“After more than 50 years of chronicling the highbrow, lowbrow, brilliant and despicable characters of the city whose name it took, New York Magazine has a new owner,” reports The New York Times.
The story adds, “On Tuesday, Vox Media agreed to acquire New York Media, the company behind the biweekly print magazine and five popular online offshoots, in an all-stock transaction. Neither company would disclose the value of the deal.”
The Times says, “New York Media is the home of the websites The Cut (style, culture), Grub Street (food), Intelligencer (politics), The Strategist (shopping) and Vulture (pop culture) and was losing as much as $10 million a year before a recent upturn, according to two people with knowledge of the company. The company laid off about 5 percent of its staff this year.”
Jim Bankoff, Vox Media chief executive and chairman, told the Times that the deal will not result in any editorial layoffs.