Penske Media Corporation — the parent company of Billboard, The Hollywood Reporter, Variety, Rolling Stone and other publications — has made a strategic investment in Vox Media, it was announced Monday (Feb. 6). Vox Media owns brands including Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Intelligencer, Curbed, Grub Street, Recode, Thrillist, Popsugar, The Dodo and NowThis.

With the investment, Penske Media is now Vox Media’s largest shareholder and Penske CEO/founder Jay Penske will join Vox’s board of directors. The two companies will continue to operate independently.

Terms of the deal were not disclosed.

“I have long admired Vox Media’s world-class editorial teams and brands,” said Penske in a statement. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox Media, and the company’s remarkable growth over the last decade. The Penske Media and Vox Media alliance will further cement both companies as leaders in modern media and take advantage of new opportunities at scale. Our two companies share a similar history of organic and acquisitive growth over time, and it made sense to invest for the future.”

“We couldn’t ask for a better partner than Jay and Penske Media to invest in our company’s future success, and help us build on and accelerate the leading creative and business strength across our organization,” added Vox Media co-founder/CEO/chair Jim Bankoff. “In addition, this investment by Penske Media will allow Vox Media to continue scaling its existing brands and operations, while providing resources for future acquisitions, and is another step forward in the ongoing ascent of Vox Media.”

LionTree acted as a financial advisor to Vox Media, while White & Case served as its outside legal advisor. Morgan Lewis was Penske Media’s legal advisor, in addition to Panarae Group, which acted as a corporate advisor.