Lupa Systems, the media holding company founded by James Murdoch, bought a minority share in Vice Media, according to the Financial Times.

Murdoch launched Lupa Systems using proceeds from his family's sale of 21st Century Fox.

Vice, which recently purchased Refinery29, is a progressive, digital outlet targeted toward a young demographic.

Murdoch wants to distance himself from his family's conservative media leanings, sources familiar with the deal told the FT.

Visit Business Insider's homepage for more stories.

James Murdoch's holding company agreed to buy a small stake in Vice Media Group, sources briefed on the deal told the Financial Times.

Murdoch, the son of media mogul Rupert Murdoch and former CEO of 21st Century Fox, has been on Vice's board of directors since 2013.

Murdoch launched the holding company, Lupa Systems, earlier this year in an effort to make his own way in the media industry outside of his family's empire, according to the FT.

When the Murdoch family sold most of 21st Century Fox to Disney for $71 billion, James Murdoch used his $2 billion in proceeds to build Lupa Systems as a holding company for his media investments, the FT reported.

Lupa Systems recently teamed up with another holding company, Joe Marchese's Attention Capital, to acquire a controlling stake in Tribeca Film Festival parent company Tribeca Enterprises.

The FT didn't uncover the size of Lupa's stake in Vice, but sources with information about the sale told the outlet Lupa was a minority shareholder.

A representative for Murdoch declined to comment to Business Insider.

Murdoch's deal with Vice followed quickly behind Vice's merger with Refinery29, which Vice bought mostly with stock. The FT reported the Lupa deal valued Vice at about $4 billion.

The FT reported that James Murdoch is trying to step away from his father's conservative media leanings with his Lupa investments, citing sources familiar with the deal.

Both Vice and Refinery29 are known as progressive outlets with young audiences. The Refinery29 acquisition positions Vice ⁠to improve its reputation as a sometimes hostile work environment for women.