Penske Media Corporation Acquires Vox Media Brands Including Eater, The Verge, SB Nation, Popsugar, and The Dodo, Creating the World’s Largest Digital Media Publisher

Today, Penske Media Corporation (PMC) announced that it has agreed to acquire certain of Vox Media's brands: Eater, The Verge, SB Nation, Popsugar, The Dodo, Punch, and Thrillist, along with Concert, Vox Media's premium ad marketplace, and Forte, Vox Media's first party data platform. PMC was Vox Media's largest shareholder prior to the announcement of the deal. Existing Vox Media shareholders will retain a minority ownership stake in PMX.

Penske Media has created a new subsidiary "PMX", which will combine PMC's existing publishing portfolio, which includes Billboard, Variety, Rolling Stone, WWD, The Hollywood Reporter, Deadline, Robb Report, Artforum, Sportico, SHE Media, StyleCaster, ARTnews, FN, IndieWire, VIBE, Billboard Music Charts, BEAUTYINC, and many more with the Vox Media brands: Eater, The Verge, SB Nation, Popsugar, The Dodo, Punch, and Thrillist, totaling over 25 titles in aggregate. The deal cements PMC's position as the largest publisher in digital media. Collectively, the newly combined portfolio delivers significant scale, reaching hundreds of millions of people every month, producing more than 300 live events each year, and offering best-in-class ad technology.

PMC is also adding a proven industry leader to help guide its next chapter. Ryan Pauley will join the company as President of PMX, overseeing the newly combined portfolio of brands. Most recently President of Vox Media, Pauley brings more than 15 years of experience across editorial, commercial, and operational leadership. Over the course of his tenure, he has helped drive a brand-led transformation across the portfolio, strengthening editorial identity, expanding audience reach, building high-value franchises, growing subscriptions, scaling podcasts and live events, and developing innovative advertising and marketplace solutions. Pauley will be based in New York and report to Chairman & CEO of Penske Media Corporation, Jay Penske and PMC's President, Craig Perreault. Additionally, Tom Finn, PMC's Executive Vice President of Strategy and Operations, has been promoted to Chief Operating Officer of PMX, adding the role to his existing responsibilities. Kenneth Delalcazar, PMC's Executive Vice President of Finance and a trusted 15-year company veteran, has broadened his scope to include Chief Financial Officer of PMX.

"I am very proud to welcome this tremendous team and leading brands to Penske Media," said founder and CEO, Jay Penske. "We have long admired these unique brands and companies, and I'm thrilled to welcome Ryan Pauley to PMC. Ryan is a top executive who has demonstrated a clear ability to build leading technology and evolve media businesses, making him exceptionally well-positioned to lead PMX's next chapter of growth."

"These distinct digital brands bring highly engaged audiences with them, complement our existing portfolio, strengthen our content offering, and expand the possibilities for the hundreds of live events PMX will produce each year," said Perreault. "We believe we are uniquely positioned for the future as the largest publisher in digital media and thrilled to welcome Ryan and his talented team."

"I'm honored to step into this role and help lead what I believe is media's strongest portfolio of brands, ones that have not only shaped history but continue to shape culture every day," said Pauley. "Across music, entertainment, food, sports, fashion, beauty, technology and art, this portfolio influences and creates culture with best-in-class brands, extraordinary authority, and deeply engaged audiences and communities. Our opportunity now is to steward and grow these brands with a continued focus on brand leadership, editorial strength, audience connection, community, and live events. I'm grateful to Jay Penske for his leadership and vision. He has continued to deeply invest in journalism, live events and experiences, and believing in the power of content and the enduring value of iconic brands."

LionTree acted as financial advisor to Vox Media, and Clifford Chance US as legal advisor, in connection with the transaction.