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On Wednesday, @VoxMedia announced that James Murdoch’s media and technology holding company, Lupa Systems, has agreed to acquire three of its divisions—@NYMag, the Vox Media Podcast Network, and @voxdotcom—and is folding them into a new, independent company that will carry the Vox Media name.

Chief executive Jim Bankoff will lead that business once the transaction closes, which the company expects to happen within four to six weeks.

But what happens to the remaining brands that were not sold to Murdoch? Officially, @Eater, @Popsugar, @SBNation, @TheDodo, and @Verge will be spun into a second independent company under a still-to-be-determined name.

However, @MarkStenberg3 thinks those remaining brands will face a different fate.

Get the full story and sign up for On Background at the 🔗 in bio.

@VoxMedia, the company known for brands like @Eater and @NYMag, is expected to unwind parts of its portfolio in the coming months via a combination of sales, spin-offs, and divestitures, according to five people familiar with the company and its finances.

Since the pandemic, the value of Vox Media has been shrinking faster than its constituent elements can be optimized, according to three of the people.

That reality spurred chief executive Jim Bankoff to begin exploring potential exit strategies for the company several years ago. The $100 million investment Vox Media received from @PenskeMedia Company in 2023, widely interpreted inside the company as a prelude to acquisition rather than a vote of confidence, has only accelerated the expectation.

“The value that these businesses once held is shrinking,” said one person close to the business. “It’s harder to compete now than ever. It doesn’t feel like it is getting more valuable.”

Vox Media declined to comment on the record.

Head to the 🔗 in bio for more from @markstenberg3

When I first went to South by Southwest as an undergrad it was all about sneaking into shows and finding open bars and free food. After coming back this year for work though, now it is still largely about doing those same things

When I first went to South by Southwest as an undergrad it was all about sneaking into shows and finding open bars and free food. After coming back this year for work though, now it is still largely about doing those same things

When I first went to South by Southwest as an undergrad it was all about sneaking into shows and finding open bars and free food. After coming back this year for work though, now it is still largely about doing those same things

When I first went to South by Southwest as an undergrad it was all about sneaking into shows and finding open bars and free food. After coming back this year for work though, now it is still largely about doing those same things

When I first went to South by Southwest as an undergrad it was all about sneaking into shows and finding open bars and free food. After coming back this year for work though, now it is still largely about doing those same things

When I first went to South by Southwest as an undergrad it was all about sneaking into shows and finding open bars and free food. After coming back this year for work though, now it is still largely about doing those same things

When I first went to South by Southwest as an undergrad it was all about sneaking into shows and finding open bars and free food. After coming back this year for work though, now it is still largely about doing those same things

When I first went to South by Southwest as an undergrad it was all about sneaking into shows and finding open bars and free food. After coming back this year for work though, now it is still largely about doing those same things

They’re calling it the media crossover event of the century

They’re calling it the media crossover event of the century

They’re calling it the media crossover event of the century

They’re calling it the media crossover event of the century

The overall social sentiment for the @Amazon @Ring commercial is: it’s creepy.

@markstenberg3 spoke with the CMO who shared that there are no plans to use the “Search Party for Dogs” feature on humans, and that users must opt in. Regardless, folks are still weirded out.

What do you think?

The teaser for the trailer for the ad #superbowllx

Late last month, Food52 declared bankruptcy. Just four years ago, it was valued at over $300 million. Now, it could be sold for just $6.5 million. Head to the link in my bio to find out what happened — and what happens next.

My latest for @adweek.

My biggest story of the year is also my last story for the year — that’s kismet! Read my investigation of The Chernin Group for @adweek at the link in bio.

Crossed off a lot of bucket list items at @adweek’s Brandweek event in Atlanta — first time in a Waymo, first time staying in a presidential suite, first time drinking weed (h/t to @drinkcann) — but the unquestionable highlight of the trip was my first time eating at Waffle House

Crossed off a lot of bucket list items at @adweek’s Brandweek event in Atlanta — first time in a Waymo, first time staying in a presidential suite, first time drinking weed (h/t to @drinkcann) — but the unquestionable highlight of the trip was my first time eating at Waffle House

Crossed off a lot of bucket list items at @adweek’s Brandweek event in Atlanta — first time in a Waymo, first time staying in a presidential suite, first time drinking weed (h/t to @drinkcann) — but the unquestionable highlight of the trip was my first time eating at Waffle House

Crossed off a lot of bucket list items at @adweek’s Brandweek event in Atlanta — first time in a Waymo, first time staying in a presidential suite, first time drinking weed (h/t to @drinkcann) — but the unquestionable highlight of the trip was my first time eating at Waffle House

Crossed off a lot of bucket list items at @adweek’s Brandweek event in Atlanta — first time in a Waymo, first time staying in a presidential suite, first time drinking weed (h/t to @drinkcann) — but the unquestionable highlight of the trip was my first time eating at Waffle House

Crossed off a lot of bucket list items at @adweek’s Brandweek event in Atlanta — first time in a Waymo, first time staying in a presidential suite, first time drinking weed (h/t to @drinkcann) — but the unquestionable highlight of the trip was my first time eating at Waffle House

I will say anything if you give me a Britney mic

I will say anything if you give me a Britney mic

I will say anything if you give me a Britney mic

I will say anything if you give me a Britney mic

I will say anything if you give me a Britney mic

I will say anything if you give me a Britney mic

resonant @markstenberg3

— @ick.fyi is an Insagram-native magazine for creative complaining edited by @thisoutfitdoesnotexist, sponsored by @air.hq and published by @dirt.fyi

resonant @markstenberg3

— @ick.fyi is an Insagram-native magazine for creative complaining edited by @thisoutfitdoesnotexist, sponsored by @air.hq and published by @dirt.fyi

Many elements are at play with @ABC pulling @JimmyKimmelLive from air, including the fact that Nexstar is looking to acquire Tegna. If that acquisition is approved, Nexstar would become the largest owner of local TV stations in the country.

Time will tell what this new era of broadcast television looks like, but one thing we are likely to see is self-censorship.