D.C. and New York-based Vox Media announced Monday that it closed a $46.5 million round with investment firm General Atlantic.
“Great talent has to be enabled by equally great technology; and a new generation of media brands, created for young, digitally savvy audiences, are being built right now,” said Vox Media CEO Jim Bankoff in a press release. “Now we’re accelerating.”
The New York Times, which first reported on the investment Sunday, said it would bring Vox’s valuation at $380 million. That’s a big chunk of money, and it illustrates an emerging trend in new media.
Anton Levy, head of General Atlantic’s Internet and technology team, said his firm — like other investors — had typically avoided content creators like Vox in favor of platforms with many capabilities like Facebook and Alibaba. Lately, he said, the firm has had a change of heart.
“We think we are at an inflection point,” he said. “For the next five years, you are going to have the next generation of media platforms emerge. There are parallels to cable in the ’80s. There is going to be a huge amount of value creation.”
Read the full story in The New York Times
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