Penske Media Corporation

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Penske Media Corporation
Formerly
Velocity Services (2003-2007)
Mail.com Media (2007-2012)
Industry
PredecessorMail.com Media Corporation
Founded2004
HeadquartersUnited States
Key people
Jay Penske
(Founder-CEO)
OwnerJay Penske
(60%)[1]
DivisionsPenske Business Media, LLC.
PMC Studios
SubsidiariesDeadline Hollywood
Fairchild Fashion Media
IndieWire
Boy Genius Report
Variety
TVLine
Gold Derby
Robb Report
Wenner Media (51%[2])
Art in America
Artnet
Websitepmc.com

Penske Media Corporation (PMC) 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, WWD, Deadline Hollywood, BGR, and others. PMC's Chairman and CEO since founding is Jay Penske.

History[edit]

Founding and early years of Penske Media[edit]

Penske Media Corporation was founded by Jay Penske in 2004.[3] It began as an Affinity marketing and internet services company. The company acquired the Mail.com domain and was renamed to the Mail.com Media Corporation.[4] In 2008, the company raised $35 million of venture capital financing from an investor group led by Quadrangle Capital Partners.[5]

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.[6][7][8][9]

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.[10]

Variety, Fairchild, and other acquisitions[edit]

In October 2012, the PMC purchased Variety Inc., Variety.com, Variety Magazine, and all associated assets for a reported $25 million from Reed Elsevier.[11] PMC received financial backing from the hedge fund, Third Point LLC. Some of PMC's early changes to Variety's business plan included eliminating the website's paywall, making the print magazine a weekly publication, and investing more in the digital platform, Variety.com.[12]

In August 2014, PMC bought Fairchild Fashion Media, which includes Women's Wear Daily (WWD), Footwear News (FN), Beauty Inc, M and the Fairchild Summits from Condé Nast.[13]

In June 2015, Penske Media Corporation formed a partnership with Shutterstock Inc. to create and license entertainment and fashion images to the world's top media, publishing, and creative companies. Commencing in 2016, Shutterstock will have an exclusive right and license to PMC's archive.[14]

On January 18, 2016, PMC acquired independent film and television platform, Indiewire. "Bringing Indiewire into the Penske organization is an exciting opportunity to further ignite a pioneering brand while advancing its coverage of the TV industry, digital, and emerging OTT platforms." Jay Penske, PMC CEO said.[15]

2017 to present: Acquisition of Robb Report and Rolling Stone[edit]

In January 2017, Penske Media Corporation entered into a joint venture for the Robb Report with Rockbridge, the private equity firm of Dan Gilbert.[16] In December 2017, Penske Media acquired a majority stake of Rolling Stone magazine from Wenner Media.[17] In 2018, it expanded further into music with an investment in BuzzAngle Music.[18] Additional acquisitions from 2017-18 include SheKnows Media, Sourcing Journal,[19][20] and Art Media Holdings which includes Art in America and Artnet.[21]

Properties[edit]

Variety[edit]

PMC owns and operates Variety magazine and its various digital and data platforms. Founded in 1905, Variety is a leading media provider for new and information on the entertainment industry. PMC purchased the now 110 year-old publication in 2012 from Reed Elsevier for approximately $30 million.[11]

Rolling Stone[edit]

PMC is the majority owner of Rolling Stone, purchasing a 51 percent stake in the company from Wenner Media in 2017.[17] Rolling Stone is an American monthly magazine that focuses on popular culture. It was founded in San Francisco in 1967 by Jann Wenner, who is still the magazine's publisher, 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 music.[22]

Robb Report[edit]

The Robb Report is an American English-language luxury-lifestyle magazine featuring various products, including automobiles, aviation, boating, real estate, and watches.

Deadline.com[edit]

Deadline Hollywood, also known as 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.

Other properties[edit]

Other properties under the PMC banner include the Boy Genius Report (or BGR.com), TVLine, SheKnows Media, and Sourcing Journal. BGR.com is a tech and gadget blog originally founded by Jonathan Geller and purchased by PMC in 2010.[10]

The Gold Derby Awards (or "Gold Derby TV and Film Awards") are awards given by the website Goldderby.com for television and film.[23] The awards began in 2004.[24] Owned by Jay Penske since 2015, it is a brand of the Penske Media Corporation.[25]

References[edit]

  1. ^ Staff, WWD (28 February 2018). "Penske Media Corp. Gets $200M Investment From Saudi Fund".
  2. ^ Jr, Mike Fleming (20 December 2017). "PMC Closes $100 Million Deal With Jann Wenner; Acquires Majority Interest In Rolling Stone Publisher Wenner Media".
  3. ^ Trachtenberg, Jeffrey A. (21 December 2017). "Rolling Stone's Owner Sells Controlling Stake to Penske Media". The Wall Street Journal. Retrieved 14 November 2018.
  4. ^ Novellino, Teresa (20 August 2014). "Jay Penske picks up fashion bible WWD". Business Journals. Retrieved 14 November 2018.
  5. ^ Reisinger, Don (October 21, 2008). "Mail.com lands $35 million in funding". CNET. Retrieved October 26, 2017.
  6. ^ Schuker, Lauren A.E. (June 24, 2009). "Hollywood Web-Site Sale Reflects Growing Clout". The Wall Street Journal. Retrieved October 26, 2017.
  7. ^ 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.
  8. ^ Luft, Oliver (June 24, 2009). "Deadline Hollywood blog sold for up to $15m". The Guardian. Retrieved October 26, 2017.
  9. ^ Stelter, Brian (June 23, 2009). "Nikki Finke, Hollywood Blogger, Gets Her Payday". Media Decoder. The New York Times. Retrieved October 26, 2017.
  10. ^ 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.
  11. ^ 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.
  12. ^ Almendrala, Anna (9 October 2012). "Penske Media Corp. Buys Variety As Entertainment Industry Trade Moves Online". Huffington Post. Retrieved 11 November 2018.
  13. ^ "Condé Nast sells Women's Wear Daily, others to Penske Media". USA Today. Retrieved August 19, 2014.
  14. ^ Bond, Shannon (2015-06-22). "Shutterstock to challenge Getty Images after Variety tie-up". Financial Times. ISSN 0307-1766. Retrieved 2015-09-02.
  15. ^ "Penske Media Acquires Indiewire". Variety. January 19, 2016. Retrieved January 25, 2016.
  16. ^ "Dan Gilbert's Robb Report joins forces with Penske Media". 4 January 2017.
  17. ^ 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.
  18. ^ Sisario, Ben (31 July 2018). "After Top Executive Leaves, Billboard Confronts Its Internal Culture". The New York Times. Retrieved 11 November 2018.
  19. ^ Mullin, Benjamin (6 March 2018). "Penske Media Purchases SheKnows Media". The Wall Street Journal. Retrieved 11 November 2018.
  20. ^ Haithman, Diane (29 October 2017). "Penske Media Corp. Acquires Sourcing Journal". Los Angeles Business Journal. Retrieved 11 November 2018.
  21. ^ Steigrad, Alexandra (13 November 2018). "Penske Media buys Peter Brant's trove of art publications". New York Post. Retrieved 13 November 2018.
  22. ^ 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.
  23. ^ 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.
  24. ^ "PMC Acquires Awards Website Gold Derby". 21 July 2015.
  25. ^ "Penske Media Corporation Acquires Gold Derby". Variety. 21 June 2015. Retrieved 29 May 2017.

External links[edit]