Vox Media, the parent of tech news sites The Verge and Recode, has received a $100 million investment from Penske Media, reports Benjamin Mullin and Katherine Rosman of The New York Times.
Mullin and Rosman report, “In addition to raising funds, Vox Media has met with other media companies to discuss potential acquisitions or sales of some of its media properties, according to two other people familiar with the matter. In recent years, the company has sought to reduce its reliance on advertising by developing new lines of revenue including digital subscriptions, and e-commerce.
“Vox Media could use the money to make acquisitions to expand its business, one of the people with knowledge of the deal said, adding that the company doesn’t plan to raise additional money.
“The Vox Media deal is the latest in a series of acquisitions and investments made by Penske Media.”
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