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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
FounderJay Penske
Headquarters11175 Santa Monica Boulevard, Los Angeles, California, U.S.
Key people
Jay Penske
(CEO)
OwnerJay Penske
(60%)
DivisionsPenske Business Media, LLC.
PMC Studios
Subsidiaries
Websitepmc.com Edit this at Wikidata
Footnotes / references
[1][2]

Penske Media Corporation (PMC; /ˈpɛnskiː/) is an American digital 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.

History

Founding and early years of Penske Media

Penske Media Corporation was founded by Jay Penske in 2003.[3][4] It began as an affinity marketing and internet services company called Velocity Services, Inc.[3] The company acquired the Mail.com domain and was renamed to the Mail.com Media Corporation (MMC).[5] 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.[6]

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.[7][8][9][10]

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.[11] The site was designed to compete with other portals like Indiatimes.com, Yahoo!, and Rediff.com.[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 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.[14]

Variety, Fairchild, and other acquisitions

Sometime 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.[15] 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.[16] 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.[17]

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.[18] 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.[19]

In June 2015, Penske Media Corporation formed a partnership with Shutterstock Inc. to compete with Getty Images in 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.[20] 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.[21] In January 2016, PMC acquired independent film and television platform IndieWire from SnagFilms, Inc. for an undisclosed amount of money.[22] 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.[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 February 2022, the company acquired a majority stake in Life Is Beautiful Music & Art Festival, which will be run under Rolling Stone.[31]

In December 2022, PMC acquired the contemporary art magazine Artforum and Bookforum. Bookforum subsequently ceased publications on December 12.[32][33]

In January 2023, a stake in Dick Clark Productions was sold to PMC via the joint venture Penske Media Eldridge.[34][35]

In February 2023, PMC became the largest shareholder in Vox Media, acquiring a 20% stake in the company, and Jay Penske joined Vox's board.[36]

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.[15]

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,[25] and then acquired the 49 percent stake held by BandLab Technologies in January 2019 to become its full owner.[37] Rolling Stone is an international[38][39] media brand which focuses on popular culture, now including magazines published in 15 countries[40] 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.[41]

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."[42] The other properties are considered leading business-to-business publications offering news and insights into various fashion and beauty niches.[42]

HollywoodLife.com

Main article: Hollywoodlife.com

Hollywoodlife.com is an entertainment, celebrity, and fashion news website founded and run by former US Weekly, Marie Claire, and Glamour editor, Bonnie Fuller. The site targets women ages 18 to 35 and attracts an audience of 35 million visitors per month.[43][44]

Sportico

On April 2, 2020, PMC announced that it would launch Sportico—a new vertical focusing on the sports industry.[45] It launched on June 30, 2020,[46] hiring several reporters who previously worked at the sports business division of Bloomberg News.[47]

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.[48][49][50]

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.[13] The Gold Derby Awards (or "Gold Derby TV and Film Awards") are awards given by the website Goldderby.com for television and film.[51] The awards began in 2004.[52] Owned by Jay Penske since 2015, it is a brand of the Penske Media Corporation.[53] It has also been an investor in the strategic event management company LDJ Productions since 2020.[54]

References

  1. ^ "Penske Media Corp. Gets $200M Investment From Saudi Fund". 28 February 2018.
  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. ^ 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 20 August 2014.
  4. ^ Trachtenberg, Jeffrey A. (21 December 2017). "Rolling Stone's Owner Sells Controlling Stake to Penske Media". The Wall Street Journal. Retrieved 14 November 2018.
  5. ^ Novellino, Teresa (20 August 2014). "Jay Penske picks up fashion bible WWD". Business Journals. Retrieved 14 November 2018.
  6. ^ Reisinger, Don (October 21, 2008). "Mail.com lands $35 million in funding". CNET. Retrieved October 26, 2017.
  7. ^ Schuker, Lauren A.E. (June 24, 2009). "Hollywood Web-Site Sale Reflects Growing Clout". The Wall Street Journal. Retrieved October 26, 2017.
  8. ^ 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.
  9. ^ Luft, Oliver (June 24, 2009). "Deadline Hollywood blog sold for up to $15m". The Guardian. Retrieved October 26, 2017.
  10. ^ Stelter, Brian (June 23, 2009). "Nikki Finke, Hollywood Blogger, Gets Her Payday". Media Decoder. The New York Times. Retrieved October 26, 2017.
  11. ^ "India's Zee TV chief: 'We believe we will succeed' in the German market". Deutsche Welle. Retrieved 26 November 2018.
  12. ^ Ali, Rafat (23 February 2010). "Penske's Mail.com Launching India Portal With Zee, on India.com". Gigaom. Retrieved 26 November 2018.
  13. ^ a b Valentino-DeVries, Jennifer (27 April 2010). "Jay Penske Expands Online Media Empire, Buying Boy Genius Report". The Wall Street Journal. Retrieved 14 November 2018.
  14. ^ Tartakoff, Joseph (20 September 2010). "Penske's Mail.com Media Corp. Sells Its E-Mail Business". Gigaom. Retrieved 7 September 2019.
  15. ^ a b Barnes, Brooks; Cieply, Michael (9 October 2012). "In a Fire Sale, Penske Media Buys Variety". The New York Times. Retrieved 11 November 2018.
  16. ^ Almendrala, Anna (9 October 2012). "Penske Media Corp. Buys Variety As Entertainment Industry Trade Moves Online". HuffPost. Retrieved 11 November 2018.
  17. ^ Barnes, Brooks (26 February 2013). "Daily Variety, No Longer a Top Star, to Be Closed". The New York Times. Retrieved 3 December 2018.
  18. ^ "Condé Nast sells Women's Wear Daily, others to Penske Media". USA Today. Retrieved August 19, 2014.
  19. ^ Somaiya, Ravi (19 August 2014). "Condé Nast to Sell Fairchild Fashion Media for $100 Million". The New York Times. Retrieved 3 December 2018.
  20. ^ Bond, Shannon (2015-06-22). "Shutterstock to challenge Getty Images after Variety tie-up". Financial Times. ISSN 0307-1766. Retrieved 2015-09-02.
  21. ^ Zosche, Christine. "Penske Media Corp. Acquires Gold Derby". Adweek. Retrieved 3 December 2018.
  22. ^ "Penske Media Acquires Indiewire". Variety. January 19, 2016. Retrieved January 25, 2016.
  23. ^ Horgan, Richard. "Michael Schneider Exiting TV Guide Magazine". Adweek. Retrieved 3 December 2018.
  24. ^ "Dan Gilbert's Robb Report joins forces with Penske Media". 4 January 2017.
  25. ^ a b Ember, Sydney (20 December 2017). "Rolling Stone Publisher Sells Majority Stake to Penske, Owner of Variety". The New York Times. Retrieved 8 November 2018.
  26. ^ Sisario, Ben (31 July 2018). "After Top Executive Leaves, Billboard Confronts Its Internal Culture". The New York Times. Retrieved 11 November 2018.
  27. ^ Mullin, Benjamin (6 March 2018). "Penske Media Purchases SheKnows Media". The Wall Street Journal. Retrieved 11 November 2018.
  28. ^ Haithman, Diane (29 October 2017). "Penske Media Corp. Acquires Sourcing Journal". Los Angeles Business Journal. Retrieved 11 November 2018.
  29. ^ Steigrad, Alexandra (13 November 2018). "Penske Media buys Peter Brant's trove of art publications". New York Post. Retrieved 13 November 2018.
  30. ^ Ellefson, Lindsey (2020-09-23). "Variety Parent Penske Media to Take Over Hollywood Reporter, Billboard in Joint Venture With MRC". TheWrap. Retrieved 2020-09-23.
  31. ^ "Life is Beautiful festival in Las Vegas bought by Rolling Stone". Las Vegas Review-Journal. 2022-02-05. Retrieved 2022-02-05.
  32. ^ Stewart |, Sophia. "'Bookforum' to Cease Publication". Publishers Weekly. Retrieved 2022-12-12.
  33. ^ Earl, William (December 7, 2022). "PMC Acquires Art Publication Artforum". Variety.
  34. ^ Littleton, Cynthia (2023-01-25). "Penske Media Eldridge Acquires Dick Clark Productions in Major Expansion". Variety. Retrieved 2023-03-31.
  35. ^ Andreeva, Nellie (2023-02-11). "Dick Clark Productions Hit By Layoffs Following Acquisition". Deadline. Retrieved 2023-03-31.
  36. ^ Sakoui, Anousha (6 February 2023). "Penske's media roll-up continues with purchase of Vox stake". Los Angeles Times. Retrieved 27 March 2023.
  37. ^ Pompeo, Joe (31 January 2019). "JAY PENSKE GOBBLES UP THE REMAINING 49 PERCENT OF ROLLING STONE". Vanity Fair. Retrieved 5 April 2019.
  38. ^ "UK edition of Rolling Stone to launch | Complete Music Update".
  39. ^ "British Rolling Stone magazine returns 50 years after Mick Jagger left it to 'hippies'". 29 September 2021.
  40. ^ Rolling Stone UK Issue 001, page 17
  41. ^ 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.
  42. ^ a b Novellino, Teresa (20 August 2014). "Jay Penske picks up fashion bible WWD". The Business Journals. Retrieved 3 December 2018.
  43. ^ Fritz, Ben (26 November 2009). "Jay Penske betting he can beat the odds in Internet media". Los Angeles Times. Retrieved 3 December 2018.
  44. ^ Launder, William (15 September 2013). "Bonnie Fuller Starts to Trend". The Wall Street Journal. Retrieved 3 December 2018.
  45. ^ Goldsmith, Jill (2020-04-02). "Penske Media To Launch New Sports Business Platform Sportico". Deadline. Retrieved 2020-04-03.
  46. ^ @sportico (30 June 2020). "BREAKING: @Sportico launch day exclusive: @MLB has pre-approved SEVEN bid groups looking at the @Mets :" (Tweet) – via Twitter.
  47. ^ @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.com" (Tweet) – via Twitter.
  48. ^ "BollywoodLife.com crosses 20 million monthly active users mark; sees a growth of 3.2x year on year". Business Standard. 5 May 2021. Retrieved 5 May 2021.
  49. ^ "Penske Media Corp Taps George Grobar As COO". Deadline. 24 May 2016. Retrieved 24 May 2016.
  50. ^ "BollywoodLife.com crosses 10 million users in June 2020, witnesses massive growth of 4.9x in a year". Daily News and Analysis. 21 November 2021. Retrieved 1 November 2021.
  51. ^ Hammond, Pete (3 February 2017). "Oscars: Deadline, Gold Derby, IndieWire & Variety Take The Gloves Off In Ultimate Predictions Smackdown". Deadline Hollywood. Retrieved 29 May 2017.
  52. ^ "PMC Acquires Awards Website Gold Derby". 21 July 2015.
  53. ^ "Penske Media Corporation Acquires Gold Derby". Variety. 21 June 2015. Retrieved 29 May 2017.
  54. ^ "Penske Media Makes Strategic Investment in LDJ Productions". BGR. 14 May 2020. Retrieved 18 August 2020.
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