Vox Media Inc. agreed to buy New York Media, the owner of New York Magazine, the New York Times reported on Tuesday.
Vox and New York said that the consolidation will provide a new model for a media company.
“No one had to do this,” Pamela Wasserstein, the chief executive of New York Media, told the Times.
{mosads}“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.”
The transaction was all-stock, but the valuations involved are not yet known.
Alongside the biweekly New York Magazine, New York Media is home to The Cut, Grub Street, Intelligencer, The Strategist and Vulture.
Two people with knowledge of the company told the Times that despite those popular offshoots, the media giant was losing as much as $10 million a year before a recent upturn.
Jim Bankoff, the Vox Media chief executive and chairman, said that the merger will not result in layoffs or the folding of any publications.
“Nothing changes editorially for any of our brands,” he told the Times.