According to the New York Times, Vox Media agreed Tuesday to acquire New York Media, the company which oversees the print magazine, in an all-stock transaction. Neither company confirmed the deal’s price tag.
“No one had to do this,” Pamela Wasserstein, the chief executive of New York Media, told the Times. “It’s a brilliant, in our view, opportunity, so that’s why we leaned into it. It’s not out of need. It’s out of ambition.”
Jim Bankoff, Vox Media’s chief executive and chairman, also confirmed that the merger would not result in editorial layoffs or the loss of any of its publications (The Verge, Eater, Curbed, Vox and SB Nation).
“Nothing changes editorially for any of our brands,” Bankoff told the Times.
In addition to its ownership of New York Magazine, New York Media is also home to several websites including The Cut, Grub Street, Intelligencer, The Strategist and Vulture.
Under the new deal, Wasserstein will continue to run New York Media’s sites as president of Vox Media in addition to holding a seat on the Vox Media board. Current editor-in-chief David Haskell will also continue to oversee New York Magazine’s print issues and its digital titles.