Penske Media Corporation is taking a 20% stake in Vox Media in exchange for a $100m investment, according to The New York Times.
Penske publishes entertainment and B2B titles including Rolling Stone, Variety and Deadline. Vox owns brands such as New York magazine, Eater, The Verge and Vox itself.
Variety reported that the investment makes Penske the biggest single stakeholder in Vox Media.
A note to Vox Media employees seen by The New York Times said the two companies will remain both editorially and commercially separate. Vox chief executive, Jim Bankoff, wrote that the investment “fortifies our ambitions to grow sustainably and pursue opportunities that align with our goals, especially during this time of economic uncertainty”.
The deal comes less than a month after Vox Media laid off approximately 7% of its staff.
The NYT noted that in Vox Media’s last funding round in 2015, NBC Universal invested $200m, at which time the digital media company was valued at $1bn.
[Read more: At least 1,000 jobs cut in English-language news media in January]
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