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Penske Media Corporation

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Not to be confused with Penske Corporation.
Penske Media Corporation
FormerlyVelocity Services (2003–2007)
Company typePrivate
Industry
PredecessorMail.com Media Corporation (2007–2012)
Founded2003; 21 years ago (2003)
FounderJay Penske
Headquarters11175 Santa Monica Boulevard, Los Angeles, California, U.S.
Key people
Jay Penske
(CEO)
OwnerJay Penske
(60%)
DivisionsPenske Business Media
PMC Studios
Subsidiaries
Websitepmc.com
Footnotes / references
[1][2][3]

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.

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, one of India's leading TV networks, on the creation of the new India.com web portal and seven other portals.[12] The site was designed to compete with other portals like Indiatimes.com, Yahoo!, and Rediff.com.[13] 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 after the sale.[14]

In September 2010, the Mail.com Media Corporation announced a transaction in which they would sell the Mail.com email and portal service to United Internet Group, one of Germany's leading internet companies. MMC would remain the primary content provider for Mail.com, but the email service itself was operated by United Internet and its GMX email platform.[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 platform IndieWire from SnagFilms, Inc. for an undisclosed amount of money.[23] Michael Schneider, the Editor in Chief of TV Guide, joined IndieWire.com 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

In January 2017, Penske Media Corporation entered into a joint venture for the Robb Report with Rockbridge, the private equity firm of Dan Gilbert.[25] In December 2017, Penske Media acquired a majority stake of Rolling Stone magazine from Wenner Media.[26] In 2018, it expanded further into music with an investment in BuzzAngle Music.[27] Additional acquisitions from 2017 to 2018 include SHE Media, Sourcing Journal,[28][29] and Art Media Holdings, which includes Art in America and ARTnews.[30]

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.[31] In 2021, it purchased a 50 percent stake in South by Southwest,[32] and sold Hollywood 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 former US Weekly, Marie Claire, and Glamour editor, Bonnie Fuller.[34][35]

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.[36] The same year, it acquired the contemporary art magazine Artforum and Bookforum. Bookforum subsequently 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 in Dick Clark Productions was sold to PMC via the joint venture Penske Media Eldridge,[40][41] 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.[42] The purchase of Dick Clark Productions also included the Golden Globe Awards, American Music Awards,[43] the Streamy Awards, Academy of Country Music Awards, and the Billboard Music Awards.[44]

Properties

Variety

Main article: Variety (magazine)

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

Main article: 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,[26] and then acquired the 49 percent stake held by BandLab Technologies in January 2019 to become its full owner.[45] Rolling Stone is 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 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.[49]

Robb Report

Main article: 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

Main article: 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

Main articles: Fairchild Fashion Media and Women'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 leading business-to-business publications offering news and insights into various fashion and beauty niches.[50]

Sportico

On April 2, 2020, PMC announced that it would launch Sportico—a new vertical focusing on sports business and media.[51] It launched on June 30, 2020,[52] hiring several reporters who previously worked at the sports business division of Bloomberg News.[53] 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.[54] Sportico and Bloomberg News agreed to a content sharing deal in January 2021 to provide Sportico content to Bloomberg readers.[55]

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.[56][57][58]

Other properties

Main articles: Boy Genius Report and TVLine

Other properties under the PMC banner include the Boy Genius Report (or BGR.com), TVLine, SHE Media, and Sourcing Journal. BGR.com 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.com for television and film.[59] The awards began in 2004.[60] Owned by Jay Penske since 2015, it is a brand of the Penske Media Corporation.[61] It has also been an investor in the strategic event management company LDJ Productions since 2020.[62]

Penske Media co-owns its headquarters at 475 Fifth Avenue after partnering with RFR Holding to purchase it in 2022.[63]

References

  1. ^ "Penske Media Corp. Gets $200M Investment From Saudi Fund". WWD. February 28, 2018. Archived from the original on October 25, 2021.
  2. ^ Fleming, Mike Jr. (December 20, 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. Retrieved December 13, 2023.
  4. ^ a b Novellino, Teresa. "Jay Penske founded Penske Media Group to acquire Conde Nast's Fairchild Fashion Media – The Business Journals". The Business Journals. Retrieved August 20, 2014.
  5. ^ Trachtenberg, Jeffrey A. (December 21, 2017). "Rolling Stone's Owner Sells Controlling Stake to Penske Media". The Wall Street Journal. Retrieved November 14, 2018.
  6. ^ Novellino, Teresa (August 20, 2014). "Jay Penske picks up fashion bible WWD". Business Journals. Retrieved November 14, 2018.
  7. ^ Reisinger, Don (October 21, 2008). "Mail.com lands $35 million in funding". CNET. Retrieved October 26, 2017.
  8. ^ Schuker, Lauren A.E. (June 24, 2009). "Hollywood Web-Site Sale Reflects Growing Clout". The Wall Street Journal. Retrieved October 26, 2017.
  9. ^ Garrahan, Matthew (June 24, 2009). "Finke to sell Hollywood news website". Financial Times. Archived from the original on August 31, 2017. Retrieved October 26, 2017.
  10. ^ Luft, Oliver (June 24, 2009). "Deadline Hollywood blog sold for up to $15m". The Guardian. Retrieved October 26, 2017.
  11. ^ Stelter, Brian (June 23, 2009). "Nikki Finke, Hollywood Blogger, Gets Her Payday". Media Decoder. The New York Times. Retrieved October 26, 2017.
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  27. ^ Sisario, Ben (July 31, 2018). "After Top Executive Leaves, Billboard Confronts Its Internal Culture". The New York Times. Retrieved November 11, 2018.
  28. ^ Mullin, Benjamin (March 6, 2018). "Penske Media Purchases SheKnows Media". The Wall Street Journal. Retrieved November 11, 2018.
  29. ^ Haithman, Diane (October 29, 2017). "Penske Media Corp. Acquires Sourcing Journal". Los Angeles Business Journal. Retrieved November 11, 2018.
  30. ^ Steigrad, Alexandra (November 13, 2018). "Penske Media buys Peter Brant's trove of art publications". New York Post. Retrieved November 13, 2018.
  31. ^ Ellefson, Lindsey (September 23, 2020). "Variety Parent Penske Media to Take Over Hollywood Reporter, Billboard in Joint Venture With MRC". TheWrap. Retrieved September 23, 2020.
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  35. ^ Launder, William (September 15, 2013). "Bonnie Fuller Starts to Trend". The Wall Street Journal. Retrieved December 3, 2018.
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  37. ^ Stewart |, Sophia. "'Bookforum' to Cease Publication". Publishers Weekly. Retrieved December 12, 2022.
  38. ^ Earl, William (December 7, 2022). "PMC Acquires Art Publication Artforum". Variety.
  39. ^ Alvarado, Holly (November 29, 2022). "How the LA3C music, food and arts festival celebrates diversity and community". Los Angeles Daily News. Retrieved December 17, 2023.
  40. ^ Littleton, Cynthia (January 25, 2023). "Penske Media Eldridge Acquires Dick Clark Productions in Major Expansion". Variety. Retrieved March 31, 2023.
  41. ^ Andreeva, Nellie (February 11, 2023). "Dick Clark Productions Hit By Layoffs Following Acquisition". Deadline. Retrieved March 31, 2023.
  42. ^ Sakoui, Anousha (February 6, 2023). "Penske's media roll-up continues with purchase of Vox stake". Los Angeles Times. Retrieved March 27, 2023.
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  45. ^ Pompeo, Joe (January 31, 2019). "JAY PENSKE GOBBLES UP THE REMAINING 49 PERCENT OF ROLLING STONE". Vanity Fair. Retrieved April 5, 2019.
  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'". September 29, 2021.
  48. ^ Rolling Stone UK Issue 001, page 17
  49. ^ Freedman, Samuel G. (2002). "Literary 'Rolling Stone' sells out to male titillation". USA Today. Archived from the original on March 12, 2009. Retrieved February 12, 2009.
  50. ^ a b Novellino, Teresa (August 20, 2014). "Jay Penske picks up fashion bible WWD". The Business Journals. Retrieved December 3, 2018.
  51. ^ Goldsmith, Jill (April 2, 2020). "Penske Media To Launch New Sports Business Platform Sportico". Deadline. Retrieved April 3, 2020.
  52. ^ @sportico (June 30, 2020). "BREAKING: @Sportico launch day exclusive: @MLB has pre-approved SEVEN bid groups looking at the @Mets" (Tweet) – via Twitter.
  53. ^ @soshnick (May 19, 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.com" (Tweet) – via Twitter.
  54. ^ Moreau, Jordan (December 14, 2020). "Sportico Acquires College Sports Media Outlet The Intercollegiate". Deadline. Retrieved September 18, 2024.
  55. ^ Roush, Chris (January 6, 2021). "Sportico strikes content deal with Bloomberg". Talking Biz News.
  56. ^ "BollywoodLife.com crosses 20 million monthly active users mark; sees a growth of 3.2x year on year". Business Standard. May 5, 2021. Retrieved May 5, 2021.
  57. ^ "Penske Media Corp Taps George Grobar As COO". Deadline. May 24, 2016. Retrieved May 24, 2016.
  58. ^ "BollywoodLife.com crosses 10 million users in June 2020, witnesses massive growth of 4.9x in a year". Daily News and Analysis. November 21, 2021. Retrieved November 1, 2021.
  59. ^ Hammond, Pete (February 3, 2017). "Oscars: Deadline, Gold Derby, IndieWire & Variety Take The Gloves Off In Ultimate Predictions Smackdown". Deadline Hollywood. Retrieved May 29, 2017.
  60. ^ "PMC Acquires Awards Website Gold Derby". July 21, 2015.
  61. ^ "Penske Media Corporation Acquires Gold Derby". Variety. June 21, 2015. Retrieved May 29, 2017.
  62. ^ "Penske Media Makes Strategic Investment in LDJ Productions". BGR. May 14, 2020. Retrieved August 18, 2020.
  63. ^ Bockmann, Rich (May 20, 2022). "Aby Rosen teams up with Rolling Stone publisher on $290M office deal". The Real Deal. Retrieved December 17, 2023.
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