Feb 6 (Reuters) - Penske Media Corp said on Monday it has made a strategic investment in Vox Media, owner of such brands as New York Magazine, The Verge and SB Nation.
One source valued the investment at $100 million.
Penske has built a broad portfolio of media assets, which include entertainment trade publications such as Variety, The Hollywood Reporter and Billboard, and has invested in events such as the South By Soutwest festival in Austin, Texas.
Vox Media CEO Jim Bankoff said the infusion of cash from Penske would allow Vox to continue scaling its existing brands and provide resources for future acquisitions.
The two media companies will continue to operate independently. As part of the investment, Penske will join the Vox Media board.
The New York Times was the first to report the size of the Penske investment. (Reporting by Dawn Chmielewski, Editing by Franklin Paul, Stephen Coates and Lincoln Feast.)
