Penske Media Corporation (PMC /ˈpɛnski/) is an American mass media, publishing, and information services company based in Los Angeles and New York City. It publishes more than 20 digital and print brands, including Variety, 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 is Jay Penske.
 | |
| Formerly | Velocity Services (2003–2007) |
|---|---|
| Company type | Private |
| Industry |
|
| Predecessor | Mail.com Media Corporation (2007–2012) |
| Founded | 2003 |
| Founder | Jay Penske |
| Headquarters | 11175 Santa Monica Boulevard, Los Angeles, California, U.S. |
Key people | Jay Penske (CEO) |
| Owner | Jay Penske (60%) |
| Divisions | Penske Business Media PMC Studios |
| Subsidiaries | |
| Website | pmc |
| Footnotes / references [1][2][3] | |
In addition to media publications, Penske Media Corporation owns the Life Is Beautiful Music & Art Festival and is a 50 percent stakeholder in South by Southwest. It is also the owner of Dick Clark Productions which includes the award shows Golden Globe Awards, American Music Awards, Streamy Awards, Academy of Country Music Awards, and the Billboard Music Awards.
History
2003–2011: founding and early years of Penske Media
Penske Media Corporation was founded by Jay Penske in 2003.[4][5] It began as an affinity marketing and internet services company called Velocity Services, Inc.[4] The company acquired the Mail.com domain and was renamed to the Mail.com Media Corporation (MMC).[6] By 2008, the company owned digital entertainment properties like OnCars.com, Hollywood Life, Movieline, and MailTimes in addition to operating the Mail.com portal and email service. In mid-2008, the company received a $35 million growth equity round of financing from a leading private equity fund.[7]
In early 2009, the company announced the purchase of Deadline Hollywood Daily (now known as Deadline.com). The website had previously been operated by publisher LA Weekly.[8][9][10][11]
In February 2010, MMC finalized and announced a joint venture with Zee TV for the creation of the new India.com web portal and seven other portals, to compete with other major web portals.[12]
In April 2010, MMC purchased Jonathan Geller's Boy Genius Report (BGR), a tech and gadget blog, for an undisclosed amount of money. MMC moved the blog to a new URL (BGR.com) and also introduced a broader spectrum of technology coverage. Geller remained the website's Editor in Chief after the sale.[13]
In September 2010, the Mail.com email and portal service was sold to United Internet. MMC remained the primary content provider for Mail.com, but the email service itself was operated by United Internet and its GMX email platform.[14][15]
2011–2016: Variety, Fairchild, and other acquisitions
In 2012, MMC re-branded itself as Penske Media Corporation. In October 2012, PMC purchased Variety Inc., including the weekly Variety magazine, Daily Variety, Variety.com, and all associated assets, for a reported $25 million from Reed Elsevier.[16] PMC received financial backing from hedge fund Third Point LLC. Some of PMC's early changes to Variety's business plan included eliminating the website's paywall, ceasing the printing of Daily Variety, and investing more in the digital platform, Variety.com.[17] The paywall was taken down on March 1, 2013, and, after 80 years of publication, the last print edition of Daily Variety was issued on March 19, 2013. A redesigned Variety magazine launched on March 26, 2013.[18]
In late 2014, PMC purchased Fairchild Fashion Media from Condé Nast for just under $100 million. Under the terms of the deal, PMC obtained ownership of Fairchild's print and digital media properties including Women'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, Style.com and W, remained under Condé Nast's ownership.[20]
In June 2015, Penske Media Corporation formed a partnership with Shutterstock to be the exclusive licensor of imagery from 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 publication IndieWire from SnagFilms, Inc. for an undisclosed amount of money.[23]
2017–present: Robb Report, Rolling Stone, MRC venture, and Vox
In January 2017, Penske Media Corporation entered into a joint venture for the Robb Report with Rockbridge, the private equity firm of Dan Gilbert.[24] In December 2017, Penske Media acquired a majority stake of Rolling Stone magazine from Wenner Media.[25] In 2018, it expanded further into music with an investment in BuzzAngle Music.[26] Additional acquisitions from 2017 to 2018 include SHE Media, Sourcing Journal,[27][28] and Art Media Holdings, which includes Art in America and ARTnews.[29]
On September 23, 2020, it was announced that PMC would assume operations of the MRC Media & Info publications, including Variety's main competitor, The Hollywood Reporter, and Billboard magazine, under a joint venture with MRC known as PMRC. In turn, MRC will form a second joint venture that will develop content tied to PMRC publications.[30] In 2021, it purchased a 50 percent stake in South by Southwest,[31] and sold Hollywood Life,[32] 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 former US Weekly, Marie Claire, and Glamour editor, Bonnie Fuller.[33][34]
In 2022, the company acquired a majority stake in Las Vegas' Life Is Beautiful Music & Art Festival, which was placed under the Rolling Stone division.[35] The same year, it acquired the contemporary art magazine Artforum and Bookforum. Bookforum subsequently ceased publications on December 12 of that year.[36][37] It also launched the LA3C, a music festival in Los Angeles, California.[38]
In January 2023, a stake in Dick Clark Productions was sold to PMC via the joint venture Penske Media Eldridge,[39][40] and in February 2023, PMC became the largest shareholder in Vox Media, acquiring a 20% stake in the company with Jay Penske joining Vox's board.[41] The purchase of Dick Clark Productions also included the Golden Globe Awards, American Music Awards,[42] the Streamy Awards, Academy of Country Music Awards, and the Billboard Music Awards.[43]
Properties
Variety
PMC owns and operates Variety magazine, 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
PMC first became the majority owner of Rolling Stone by purchasing a 51 percent stake in the company from Wenner Media in 2017,[25] and then acquired the 49 percent stake held by BandLab Technologies in January 2019 to become its full owner.[44] Rolling Stone is an international[45][46] media brand which focuses on popular culture, now including magazines published in 15 countries[47] such as China, Australia, India and the United Kingdom. The original American Rolling Stone magazine was founded in San Francisco in 1967 by magazine publisher Jann Wenner and the music critic Ralph J. Gleason. It was first known for its musical coverage and for political reporting by Hunter S. Thompson. In the 1990s, the magazine shifted focus to a younger readership interested in youth-oriented television shows, film actors and popular AT40-based music. Under PMC, Rolling Stone became a monthly publication in America, but still mixed music coverage with politics and articles on popular culture.[48]
Robb Report
The Robb Report is an American English-language luxury-lifestyle magazine featuring various products, including automobiles, aviation, boating, real estate, and watches.
Deadline Hollywood
Deadline, also known as Deadline Hollywood or Deadline.com and previously known as news blog Deadline Hollywood Daily, is an online magazine founded by Nikki Finke in 2006. The blog had initially been operated by publisher LA Weekly prior to being purchased by Penske Media in June 2009.
Fairchild Fashion Media
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."[49] The other properties are considered leading business-to-business publications offering news and insights into various fashion and beauty niches.[49]
Sportico
On April 2, 2020, PMC announced that it would launch Sportico—a new vertical focusing on sports business and media.[50] It launched on June 30, 2020,[51] hiring several reporters who previously worked at the sports business division of Bloomberg News.[52] On December 14, 2020, Sportico acquired The Intercollegiate, adding two writers from the college sports media outlet, to grow its coverage of the college sports industry.[53] Sportico and Bloomberg News agreed to a content sharing deal in January 2021 to provide Sportico content to Bloomberg readers.[54]
Bollywood Life
BollywoodLife.com 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.[55][56][57]
Other properties
Other properties under the PMC banner include the Boy Genius Report (or BGR.com), TVLine, SHE Media, Sourcing Journal, and Gold Derby. BGR.com is a tech and gadget blog originally founded by Jonathan Geller and purchased by PMC in 2010.[13] Gold Derby was founded in 2000 as an entertainment news forum, and was acquired by PMC in 2015 after the site pivoted to awards predictions.[58][59] Gold Derby has awarded the Gold Derby TV and Film Awards since 2002.[60] PMC has also been an investor in the strategic event management company LDJ Productions since 2020.[61]
Penske Media co-owns its headquarters at 475 Fifth Avenue after partnering with RFR Holding to purchase it in 2022.[62]
References
External links
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