Vox Media, the media company whose properties include New York Magazine, has announced the acquisition of Cafe Studios, the podcast company co-founded by Preet Bharara, former US attorney for the Southern District of New York.
Financial terms of the deal were not disclosed.
Bharara – who inspired the character played by Paul Giamatti in Showtime’s “Billions” – was fired by President Trump in March 2017 as part of a purge of those appointed by the Obama administration.
Cafe Studios was founded in 2017 by Preet Bharara and his brother Vinit Bharara, a serial entrepreneur who previously founded Some Spider Studios and Diapers.com. Preet Bharara and Tamara Sepper, who is Executive Producer and Head of Content at Cafe Studios, will join Vox Media with a team of podcast hosts, producers and product developers. Cafe Studios will operate as a division of the Vox Media podcast network.
Cafe Studios podcasts include its flagship product “Stay Tuned With Preet”, exploring how law and politics intersect with politics, news, business, history and technology. Other podcast hosts include former New Jersey Attorney General Anne Milgram and Elie Honig, former co-head of the Organized Crime Unit for the Southern District of New York. The company also operates a subscription program that offers members exclusive podcasts, newsletters, articles and live events.
Cafe Studios is Vox Media’s fourth merger or acquisition in the past three years. In its biggest contract, Vox Media bought in the fall of 2019 New York Media, publisher of New York Magazine and digital properties, including Cut and Vulture. The company also acquired Epic, a film, television, audio and production studio, as well as the commentary platform Coral.
âPreet and his team at Cafe have built a successful podcast studio with a compelling perspective – and an equally impressive community of dedicated listeners,â Jim Bankoff, CEO of Vox Media, said in a statement. âIntroducing Cafe to the Vox Media podcast network is in line with our goal of delivering high quality editorial content at scale and providing audiences with highly relevant voices and ideas. “
Bharara said in a statement, âThis is a huge growth opportunity with a company that shares Cafe’s mission, values ââand commitment to quality. Our creators are full of plans for more thoughtful educational content, and in Vox Media we gain a partner with a large audience, strategic business, and strong reach through text, video, and events.
Last summer, Vox Media laid off 6% of its workforce, laying off around 70 employees, amid sharply declining revenues. The company expects to be profitable in 2021 and still has cash from the $ 200 million in funding it raised in 2015 that valued the company at over $ 1 billion, according to the Wall Street Journal. reported.
Vox Media’s podcast network includes over 200 premium podcasts, âToday, Explainedâ with Sean Rameswaram, âDecoderâ with Nilay Patel and âPivotâ, co-hosted by Kara Swisher and Scott Galloway.