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Penske Media Corporation

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Not to be confused withPenske Corporation.
Penske Media Corporation
FormerlyVelocity Services (2003–2007)
Company typePrivate
Industry
PredecessorMail Media Corporation (2007–2012)
Founded2003;21 years ago(2003)
FounderJay Penske
Headquarters11175Santa Monica Boulevard,Los Angeles,California,U.S.
Key people
Jay Penske
(CEO)
OwnerJay Penske
(60%)
DivisionsPenske Business Media, LLC.
PMC Studios
Subsidiaries
WebsitepmcEdit this at Wikidata
Footnotes / references
[1][2][3]

Penske Media Corporation(PMC/ˈpɛnski/) is an Americanmass media,publishing,and information services company based inLos AngelesandNew York City.It publishes more than 20 digital and print brands, includingVariety,Rolling Stone,Women's Wear Daily,Deadline Hollywood,Billboard,The Hollywood Reporter,Boy Genius Report,Robb Report,Artforum,ARTNews,and others. PMC's Chairman and CEO since founding isJay Penske.

In addition to media publications, Penske Media Corporation owns theLife Is Beautiful Music & Art Festivaland is a 50 percent stakeholder inSouth by Southwest.It is also the owner ofDick Clark Productionswhich includes the award showsGolden Globe Awards,American Music Awards,Streamy Awards,Academy of Country Music Awards,and theBillboard Music Awards.

History[edit]

2003–2011: founding and early years of Penske Media[edit]

Penske Media Corporation was founded by Jay Penske in 2003.[4][5]It began as anaffinity marketingand internet services company called Velocity Services, Inc.[4]The company acquired theMaildomain and was renamed to the Mail Media Corporation (MMC).[6]By 2008, the company owned digital entertainment properties like OnCars,Hollywood Life,Movieline,and MailTimes in addition to operating the Mail portal and email service. In mid-2008, the company received a $35 million growth equity round of financing from a leadingprivate equityfund.[7]

In early 2009, the company announced the purchase ofDeadline Hollywood Daily(now known as Deadline ). The website had previously been operated by publisherLA Weekly.[8][9][10][11]

In February 2010, MMC finalized and announced ajoint venturewithZee TV,one ofIndia's leading TV networks, on the creation of the new India web portal and seven other portals.[12]The site was designed to compete with other portals likeIndiatimes,Yahoo!,andRediff.[13]In April 2010, MMC purchased Jonathan Geller'sBoy Genius Report(BGR), a tech and gadget blog, for an undisclosed amount of money. MMC moved the blog to a new URL (BGR ) and also introduced a broader spectrum of technology coverage. Geller remained the website'sEditor in Chiefafter the sale.[14]

In September 2010, the Mail Media Corporation announced a transaction in which they would sell the Mail email and portal service toUnited Internet Group,one ofGermany's leading internet companies. MMC would remain the primary content provider for Mail, but the email service itself was operated by United Internet and its GMX email platform.[15]

2011–2016:Variety,Fairchild, and other acquisitions[edit]

In 2012, MMC re-branded itself as Penske Media Corporation. In October 2012, PMC purchased Variety Inc., including the weeklyVarietymagazine,Daily Variety,Variety, and all associated assets, for a reported $25 million fromReed Elsevier.[16]PMC received financial backing fromhedge fundThird Point LLC.Some of PMC's early changes to Variety's business plan included eliminating the website'spaywall,ceasing the printing ofDaily Variety,and investing more in the digital platform, Variety.[17]The paywall was taken down on March 1, 2013, and, after 80 years of publication, the last print edition ofDaily Varietywas issued on March 19, 2013. A redesignedVarietymagazine launched on March 26, 2013.[18]

In late 2014, PMC purchasedFairchild Fashion MediafromCondé Nastfor just under $100 million. Under the terms of the deal, PMC obtained ownership of Fairchild's print and digital media properties includingWomen's Wear Daily(WWD),Footwear News,Beauty Inc.,and others.[19]Condé Nast had purchased the assets from Disney Corporation in 2003 for over $650 million. Two of Fairchild's properties,StyleandW,remained under Condé Nast's ownership.[20]

In June 2015, Penske Media Corporation formed a partnership withShutterstockInc. to compete withGetty Imagesin the categories of editorial images in the entertainment and fashion industries. Beginning in 2016, Shutterstock had an exclusive right and license to PMC's fashion and entertainment archives.[21]The following month, PMC purchased Gold Derby, a data platform and website that utilizes user and professional predictions to predict the outcome and winners of global awards shows and events.[22]In January 2016, PMC acquired independent film and television platformIndieWirefrom SnagFilms, Inc. for an undisclosed amount of money.[23]Michael Schneider, the Editor in Chief ofTV Guide,joined IndieWire as Executive Editor shortly after the PMC acquisition, joining editorial leaders Anne Thompson, Eric Kohn, and editor Dana Harris.[24]

2017–present:Robb Report,Rolling Stone,MRC venture, and Vox[edit]

In January 2017, Penske Media Corporation entered into a joint venture for theRobb Reportwith Rockbridge, the private equity firm ofDan Gilbert.[25]In December 2017, Penske Media acquired a majority stake ofRolling Stonemagazine from Wenner Media.[26]In 2018, it expanded further into music with an investment inBuzzAngle Music.[27]Additional acquisitions from 2017 to 2018 includeSHE Media,Sourcing Journal,[28][29]and Art Media Holdings, which includesArt in AmericaandARTnews.[30]

On September 23, 2020, it was announced that PMC would assume operations of theMRCMedia & Info publications, includingVariety's main competitor,The Hollywood Reporter,andBillboardmagazine, under a joint venture with MRC known asPMRC.In turn, MRC will form a second joint venture that will develop content tied to PMRC publications.[31]In 2021, it purchased a 50 percent stake inSouth by Southwest,[32]and soldHollywood Life,[33]website about entertainment, celebrity, and fashion news targets women ages 18 to 35 and attracts an audience of 35 million visitors per month, founded and run by formerUS Weekly,Marie Claire,andGlamoureditor,Bonnie Fuller.[34][35]

In 2022, the company acquired a majority stake inLife Is Beautiful Music & Art Festival,which is run underRolling Stone.[36]The same year, it acquired the contemporary art magazineArtforumandBookforum.Bookforumsubsequently ceased publications on December 12 of that year.[37][38]It also launched the LA3C, a music festival in Los Angeles, California.[39]

In January 2023, a stake inDick Clark Productionswas sold to PMC via the joint venture Penske Media Eldridge,[40][41]and in February 2023, PMC became the largest shareholder inVox Media,acquiring a 20% stake in the company with Jay Penske joining Vox's board.[42]The purchase of Dick Clark Productions also included theGolden Globe Awards,American Music Awards,[43]theStreamy Awards,Academy of Country Music Awards,and theBillboard Music Awards.[44]

Properties[edit]

Variety[edit]

Main article:Variety (magazine)

PMC owns and operatesVarietymagazine, a trade paper for the entertainment industry founded in 1905, as well as its various digital and data platforms. PMC purchased the publication in 2012 from Reed Elsevier for approximately $30 million.[16]

Rolling Stone[edit]

Main article:Rolling Stone

PMC first became the majority owner ofRolling Stoneby purchasing a 51 percent stake in the company fromWenner Mediain 2017,[26]and then acquired the 49 percent stake held byBandLab Technologiesin January 2019 to become its full owner.[45]Rolling Stoneis an international[46][47]media brand which focuses on popular culture, now including magazines published in 15 countries[48]such as China, Australia, India and the United Kingdom. The original AmericanRolling Stonemagazine was founded inSan Franciscoin 1967 by magazine publisherJann Wennerand the music criticRalph J. Gleason.It was first known for its musical coverage and for political reporting byHunter S. Thompson.In the 1990s, the magazine shifted focus to a younger readership interested in youth-orientedtelevision shows,film actors and popularAT40-basedmusic. Under PMC,Rolling Stonebecame a monthly publication in America, but still mixed music coverage with politics and articles on popular culture.[49]

Robb Report[edit]

Main article:Robb Report

TheRobb Reportis an American English-languageluxury-lifestylemagazine featuring various products, including automobiles, aviation, boating, real estate, and watches.

Deadline Hollywood[edit]

Main article:Deadline Hollywood

Deadline,also known asDeadline HollywoodorDeadlineand previously known as newsblogDeadline Hollywood Daily,is anonline magazinefounded byNikki Finkein 2006. The blog had initially been operated by publisherLA Weeklyprior to being purchased by Penske Media in June 2009.

Fairchild Fashion Media[edit]

Main articles:Fairchild Fashion MediaandWomen's Wear Daily

Fairchild Fashion Media is a digital media, publishing, and events company that owns multiple fashion-related content properties. PMC purchased Fairchild properties from Condé Nast in late 2014. These publications included WWD (Women's Wear Daily),Footwear News,Beauty Inc.,M,and Fairchild Summits. WWD is often considered the "Bible of the fashion industry."[50]The other properties are considered leadingbusiness-to-businesspublications offering news and insights into various fashion and beauty niches.[50]

Sportico[edit]

On April 2, 2020, PMC announced that it would launchSportico—a newverticalfocusing on the sports industry.[51]It launched on June 30, 2020,[52]hiring several reporters who previously worked at thesports businessdivision ofBloomberg News.[53]

Bollywood Life[edit]

BollywoodLife is an entertainment and celebrity news website reporting on Indian popular culture. It is part of Penske Media Corporation, having reportedly attained more than 20 million monthly active users, as well as over 5 million social media followers.[54][55][56]

Other properties[edit]

Main articles:Boy Genius ReportandTVLine

Other properties under the PMC banner include the Boy Genius Report (or BGR ), TVLine,SHE Media,and Sourcing Journal. BGR is a tech and gadget blog originally founded by Jonathan Geller and purchased by PMC in 2010.[14]The Gold Derby Awards (or "Gold Derby TV and Film Awards" ) are awards given by the website Goldderby for television and film.[57]The awards began in 2004.[58]Owned byJay Penskesince 2015, it is a brand of the Penske Media Corporation.[59]It has also been an investor in the strategic event management company LDJ Productions since 2020.[60]

Penske Media co-owns its headquarters at 475 Fifth Avenue after partnering withRFR Holdingto purchase it in 2022.[61]

References[edit]

  1. ^"Penske Media Corp. Gets $200M Investment From Saudi Fund".WWD.28 February 2018. Archived fromthe originalon Oct 25, 2021.
  2. ^Fleming, Mike Jr. (20 December 2017)."PMC Closes $100 Million Deal With Jann Wenner; Acquires Majority Interest In Rolling Stone Publisher Wenner Media".
  3. ^"Board of Directors and Advisory Board".Penske Media Corporation.Retrieved13 December2023.
  4. ^abNovellino, Teresa."Jay Penske founded Penske Media Group to acquire Conde Nast's Fairchild Fashion Media – The Business Journals".The Business Journals.Retrieved20 August2014.
  5. ^Trachtenberg, Jeffrey A. (21 December 2017)."Rolling Stone's Owner Sells Controlling Stake to Penske Media".The Wall Street Journal.Retrieved14 November2018.
  6. ^Novellino, Teresa (20 August 2014)."Jay Penske picks up fashion bible WWD".Business Journals.Retrieved14 November2018.
  7. ^Reisinger, Don (October 21, 2008)."Mail lands $35 million in funding".CNET.RetrievedOctober 26,2017.
  8. ^Schuker, Lauren A.E. (June 24, 2009)."Hollywood Web-Site Sale Reflects Growing Clout".The Wall Street Journal.RetrievedOctober 26,2017.
  9. ^Garrahan, Matthew (June 24, 2009)."Finke to sell Hollywood news website".Financial Times.Archived fromthe originalon August 31, 2017.RetrievedOctober 26,2017.
  10. ^Luft, Oliver (June 24, 2009)."Deadline Hollywood blog sold for up to $15m".The Guardian.RetrievedOctober 26,2017.
  11. ^Stelter, Brian (June 23, 2009)."Nikki Finke, Hollywood Blogger, Gets Her Payday".Media Decoder.The New York Times.RetrievedOctober 26,2017.
  12. ^"India's Zee TV chief: 'We believe we will succeed' in the German market".Deutsche Welle.Retrieved26 November2018.
  13. ^Ali, Rafat (23 February 2010)."Penske's Mail Launching India Portal With Zee, on India".Gigaom.Retrieved26 November2018.
  14. ^abValentino-DeVries, Jennifer (27 April 2010)."Jay Penske Expands Online Media Empire, Buying Boy Genius Report".The Wall Street Journal.Retrieved14 November2018.
  15. ^Tartakoff, Joseph (20 September 2010)."Penske's Mail Media Corp. Sells Its E-Mail Business".Gigaom.Retrieved7 September2019.
  16. ^abBarnes, Brooks; Cieply, Michael (9 October 2012)."In a Fire Sale, Penske Media Buys Variety".The New York Times.Retrieved11 November2018.
  17. ^Almendrala, Anna (9 October 2012)."Penske Media Corp. Buys Variety As Entertainment Industry Trade Moves Online".HuffPost.Retrieved11 November2018.
  18. ^Barnes, Brooks (26 February 2013)."Daily Variety, No Longer a Top Star, to Be Closed".The New York Times.Retrieved3 December2018.
  19. ^"Condé Nast sells Women's Wear Daily, others to Penske Media".USA Today.RetrievedAugust 19,2014.
  20. ^Somaiya, Ravi (19 August 2014)."Condé Nast to Sell Fairchild Fashion Media for $100 Million".The New York Times.Retrieved3 December2018.
  21. ^Bond, Shannon (2015-06-22)."Shutterstock to challenge Getty Images after Variety tie-up".Financial Times.ISSN0307-1766.Retrieved2015-09-02.
  22. ^Zosche, Christine."Penske Media Corp. Acquires Gold Derby".Adweek.Retrieved3 December2018.
  23. ^"Penske Media Acquires Indiewire".Variety.January 19, 2016.RetrievedJanuary 25,2016.
  24. ^Horgan, Richard."Michael Schneider Exiting TV Guide Magazine".Adweek.Retrieved3 December2018.
  25. ^"Dan Gilbert's Robb Report joins forces with Penske Media".4 January 2017.
  26. ^abEmber, Sydney (20 December 2017)."Rolling Stone Publisher Sells Majority Stake to Penske, Owner of Variety".The New York Times.Retrieved8 November2018.
  27. ^Sisario, Ben (31 July 2018)."After Top Executive Leaves, Billboard Confronts Its Internal Culture".The New York Times.Retrieved11 November2018.
  28. ^Mullin, Benjamin (6 March 2018)."Penske Media Purchases SheKnows Media".The Wall Street Journal.Retrieved11 November2018.
  29. ^Haithman, Diane (29 October 2017)."Penske Media Corp. Acquires Sourcing Journal".Los Angeles Business Journal.Retrieved11 November2018.
  30. ^Steigrad, Alexandra (13 November 2018)."Penske Media buys Peter Brant's trove of art publications".New York Post.Retrieved13 November2018.
  31. ^Ellefson, Lindsey (2020-09-23)."Variety Parent Penske Media to Take Over Hollywood Reporter, Billboard in Joint Venture With MRC".TheWrap.Retrieved2020-09-23.
  32. ^Sakoui, Anousha (19 April 2021)."Penske takes 50% stake in Austin's South by Southwest festival".Los Angeles Times.Retrieved13 December2023.
  33. ^Kelly, Keith J. (21 January 2021)."Bonnie Fuller buys Hollywood Life from Penske Media".New York Post.Retrieved11 May2024.
  34. ^Fritz, Ben (26 November 2009)."Jay Penske betting he can beat the odds in Internet media".Los Angeles Times.Retrieved3 December2018.
  35. ^Launder, William (15 September 2013)."Bonnie Fuller Starts to Trend".The Wall Street Journal.Retrieved3 December2018.
  36. ^"Life is Beautiful festival in Las Vegas bought by Rolling Stone".Las Vegas Review-Journal.2022-02-05.Retrieved2022-02-05.
  37. ^Stewart |, Sophia."'Bookforum' to Cease Publication ".Publishers Weekly.Retrieved2022-12-12.
  38. ^Earl, William (December 7, 2022)."PMC Acquires Art Publication Artforum".Variety.
  39. ^Alvarado, Holly (29 November 2022)."How the LA3C music, food and arts festival celebrates diversity and community".Los Angeles Daily News.Retrieved17 December2023.
  40. ^Littleton, Cynthia (2023-01-25)."Penske Media Eldridge Acquires Dick Clark Productions in Major Expansion".Variety.Retrieved2023-03-31.
  41. ^Andreeva, Nellie (2023-02-11)."Dick Clark Productions Hit By Layoffs Following Acquisition".Deadline.Retrieved2023-03-31.
  42. ^Sakoui, Anousha (6 February 2023)."Penske's media roll-up continues with purchase of Vox stake".Los Angeles Times.Retrieved27 March2023.
  43. ^Bergeson, Samantha (25 January 2023)."Penske Media Eldridge Now Owns Dick Clark Productions, Including Golden Globes and American Music Awards".IndieWire.Retrieved17 December2023.
  44. ^"Penske Media Eldridge acquires Dick Clark Productions – producer of the Golden Globes and Billboard Music Awards".Music Business Worldwide. 25 January 2023.Retrieved17 December2023.
  45. ^Pompeo, Joe (31 January 2019)."JAY PENSKE GOBBLES UP THE REMAINING 49 PERCENT OF ROLLING STONE".Vanity Fair.Retrieved5 April2019.
  46. ^"UK edition of Rolling Stone to launch | Complete Music Update".
  47. ^"British Rolling Stone magazine returns 50 years after Mick Jagger left it to 'hippies'".29 September 2021.
  48. ^Rolling Stone UKIssue 001, page 17
  49. ^Freedman, Samuel G. (2002)."Literary 'Rolling Stone' sells out to male titillation".USA Today.Archivedfrom the original on March 12, 2009.RetrievedFebruary 12,2009.
  50. ^abNovellino, Teresa (20 August 2014)."Jay Penske picks up fashion bible WWD".The Business Journals.Retrieved3 December2018.
  51. ^Goldsmith, Jill (2020-04-02)."Penske Media To Launch New Sports Business Platform Sportico".Deadline.Retrieved2020-04-03.
  52. ^@sportico (30 June 2020)."BREAKING: @Sportico launch day exclusive: @MLB has pre-approved SEVEN bid groups looking at the @Mets:"(Tweet) – viaTwitter.
  53. ^@soshnick (19 May 2020).".@sportico would like to welcome the first members of our editorial team: @McCannSportsLaw, @novy_williams, @HowieLongShort, @pjschwartz1, @Boomskie, @JacobFeldman4 and @LevAkabas. We're halfway there. More to come soon. Please join our community at http://sportico"(Tweet) – viaTwitter.
  54. ^"BollywoodLife crosses 20 million monthly active users mark; sees a growth of 3.2x year on year".Business Standard.5 May 2021.Retrieved5 May2021.
  55. ^"Penske Media Corp Taps George Grobar As COO".Deadline.24 May 2016.Retrieved24 May2016.
  56. ^"BollywoodLife crosses 10 million users in June 2020, witnesses massive growth of 4.9x in a year".Daily News and Analysis.21 November 2021.Retrieved1 November2021.
  57. ^Hammond, Pete (3 February 2017)."Oscars: Deadline, Gold Derby, IndieWire & Variety Take The Gloves Off In Ultimate Predictions Smackdown".Deadline Hollywood.Retrieved29 May2017.
  58. ^"PMC Acquires Awards Website Gold Derby".21 July 2015.
  59. ^"Penske Media Corporation Acquires Gold Derby".Variety.21 June 2015.Retrieved29 May2017.
  60. ^"Penske Media Makes Strategic Investment in LDJ Productions".BGR. 14 May 2020.Retrieved18 August2020.
  61. ^Bockmann, Rich (20 May 2022)."Aby Rosen teams up with Rolling Stone publisher on $290M office deal".The Real Deal.Retrieved17 December2023.

External links[edit]

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