Vox Media is in talks to raise $200 million as it considers asset sales and acquisitions

Vox Media, the digital media endeavor that houses possessions consisting of New york city publication, The Brink, Eater, and SB Country, is seeking to raise around $200 million, according to 2 individuals acquainted with talks. Among them stated Vox was talking about a money infusion from UK-based personal equity giant CVC Capital.

The talks come along with extreme cost-cutting steps at the business. Vox remains in the procedure of releasing 130 workers. That round follows layoffs of 39 individuals in July, Axios reported. Lots of media outlets are downsizing their staff member rolls as 2023 marketing income is available in listed below expectations and short-form video giants such as TikTok and YouTube continue to draw in digital advertisement dollars.

The sources stated they think Vox Media CEO Jim Bankoff wishes to utilize the cash to get brand-new possessions while likewise possibly putting some Vox Media homes on the block.

One possible spinoff might be some or all of Ben Lerer’s Group 9 Media, a group of way of life websites– consisting of PopSugar, Thrillist, and NowThis News– that have actually not been frequently lucrative. A 3rd individual who talked to Expert likewise recommended the business’s Code tech conference might go under the hammer– though its worth might have dipped as it’s no longer helmed by kept in mind tech reporter Kara Swisher.

Vox closed its acquisition of Group 9 in February 2022 for a concealed quantity, among numerous mixes by online media business to much better contend for digital advertisement dollars. The 2 business integrated were anticipated to generate $700 million in income in 2022, The Wall Street Journal reported.

In November, Axios reported that CVC and Group Black, a media cumulative that has actually taken a look at getting homes from Bustle to Vice, were pursuing a joint quote for Vox Media. Group Black is attempting to get marketers to move more of their costs to Black-owned media business.

What Bankoff might wish to purchase stays a secret. Numerous little media possessions are on the block, consisting of Barry Diller’s politics and popular culture website The Daily Monster and crypto news location Coindesk.

A Vox spokesperson decreased to comment and CVC Capital did not right away react for remark.