Vox Media Buys Tech Business Site Re/code
Buyer gets serious tech news coverage, seller gets much-needed scale.
The deal was announced on stage at Re/code's <code> conference—the company has also become known for its robust live event business. "We like to break news, and so we broke a little news," said Re/code co-CEO Kara Swisher. "I'm so excited. We got bought. "
Terms of the deal were not disclosed.
Swisher, along with co-CEO Walt Mossberg, started Re/code's previous entity AllThingsD as a brand under Dow Jones. Swisher and Mossberg parted ways with Dow Jones in the fall of 2013 and formed Re/code, a content site and events business with essentially the same tech business editorial mission.
Both Swisher and Mossberg, and Re/code's 45 employees, will be joining Vox Media. Re/code COO Lia Kennett will run the Re/code-branded conference business at Vox.
Vox Media already has a tech site, The Verge, but overlap will be minimal say the companies. The Verge has a consumer-oriented focus on tech culture that rarely bumps into Re/code's business coverage and the company says there's only a four percent audience overlap, per Comscore numbers.
Vox Media CEO Jim Bankoff has been expanding the content network. Adding to its gaming (Polygon), sports (SB Nation) and technology (TheVerge) coverage, Vox bought Curbed, a network of sites covering real estate, restaurants and retail, in late 2013 and then launched politics and news siteVox.com early last year.
With Re/code, Bankoff gets to compliment the consumer tech coverage of The Verge with a serious tech business news site.
For Re/code, the brand is now aligned with sites that have bigger scale. The Verge attracts about 25 million monthly uniques and, combined, Vox Media's sites generate about 160 million uniques.
For digital content businesses, whether they admit it or not, scale still matters. "I know the content business seems crazy and nutty and it is in a lot of ways," said Swisher during her on-stage announcement. "We thought this was a great opportunity."
Re/code will eventually be moved onto Vox Media's content platform Chorus, although no specific date has been set.