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Penske Media Corp. has invested in Vox Media, the digital publisher of brands such as Vox.com and New York Magazine.
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PMC will become the largest single shareholder of Vox Media as a result of the investment.
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Financial terms of the investment have not been disclosed.
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PMC is reportedly investing $100 million in Vox Media, giving PMC a 20% stake in the company.
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PMC CEO and founder Jay Penske will join the board of directors at Vox Media.
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The companies will continue to operate independently.
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The investment comes less than a month after Vox Media announced 130 job layoffs.
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PMC's portfolio includes brands such as Variety, Rolling Stone, and The Hollywood Reporter, as well as cultural events.
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Vox Media merged with Group Nine Media in December 2021.
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Vox Media has acquired various media companies, including New York Media, to gain synergies of scale.