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Penske Media Corporation

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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, Robb Report, Artforum, ARTNews, and others. PMC's Chairman and CEO since founding is Jay Penske.

Penske Media Corporation
PMC
FormerlyVelocity Services (2003–2007)
TypePrivate
Industry
PredecessorMail.com Media Corporation (2007–2012)
Founded2003; 23 years ago (2003)
FounderJay Penske
Headquarters11175 Santa Monica Boulevard, Los Angeles, California, U.S.
Key people
Jay Penske (CEO)
Brands
OwnerJay Penske
(60%)
DivisionsPenske Business Media
PMC Studios
SubsidiariesPenske Media Eldridge (JV)
PMX Global
Websitepmc.com Edit this at Wikidata
Footnotes
[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

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2003–2011: Founding and early years of Penske Media

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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 Quadrangle Capital Partners, 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][new archival link needed][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

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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 Media

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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]

In May 14, 2020 PMC announced its strategic investment in leading event management and technical production agency LDJ Productions.[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] On May 19, 2022, PMC, which occupied approximately 45 percent of the leased space in the 24-story 475 Fifth Avenue building, together with RFR Holding, contributing 50 percent of its equity to the partnership, completed the purchase of the skyscraper with a $290 million loan.[37] The same year, it acquired the contemporary art magazine Artforum; Penske did not purchase the magazine's sister publication Bookforum, which subsequently ceased publication before being revived under The Nation magazine.[38][39] Penske also launched the LA3C, a music festival in Los Angeles, California.[40]

In January 2023, a stake in Dick Clark Productions was sold to PMC via the joint venture Penske Media Eldridge.[41][42] In February 2023, PMC became the largest shareholder in Vox Media, acquiring a 20% stake in the company with Jay Penske joining Vox Media's board.[43]

In August 2025, PMC sold Boy Genius Report and TVLine to Static Media.[44][45]

On June 18, 2026, what remained of Vox Media that had not been previously announced to be purchased by James Murdoch's Lupa Systems the previous month was fully bought by Penske Media, with the assets of Vox Media being combined with PMC's other media assets (such as Billboard, Variety, Rolling Stone, The Hollywood Reporter, Deadline and IndieWire) as a new subdivision named PMX.[46] The other part of the company that had been purchased by Lupa Systems retained the Vox Media brand name.[47]

Controversy

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Penske Media’s ownership of the Golden Globe Awards as well as its ownership of Hollywood publications including The Hollywood Reporter, Variety and Deadline has been a source of controversy. In July 2026, Penske was sued by the Hollywood Foreign Press Association (HFPA) which presented the Golden Globes prior to its acquisition by the Penske owned Dick Clark Productions. The federal suite alleges violations of federal and state antitrust laws. It is alleged that this acquisition was done by Penske to influence awards season races. The HFPA is seeking $150 million in damages and the unwinding of the agreement that transferred ownership of the Golden Globes to Penske Media.[48][49]

Properties

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PMX Global, LLC

Gold Derby Media, LLC

Art Media, LLC

Deadline Hollywood, LLC

Fairchild Publishing, LLC

IndieWire Media, LLC

Robb Report Media, LLC

SheMedia, LLC

Sportico Media, LLC

VM Publishing, LLC

Penske Media Eldridge

Billboard Media, LLC

Rolling Stone, LLC

The Hollywood Reporter, LLC

Variety Media, LLC

Vibe Media, LLC

Other properties

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  • Concert.io
  • Creative
  • Forte
  • Studios

India.com Web Portal Limited

Former properties

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References

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  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. 1 2 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. Retrieved October 26, 2017.{{cite news}}: CS1 maint: url-status (link)
  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.
  12. ↑ "India's Zee TV chief: 'We believe we will succeed' in the German market". Deutsche Welle. Retrieved November 26, 2018.
  13. ↑ Valentino-DeVries, Jennifer (April 27, 2010). "Jay Penske Expands Online Media Empire, Buying Boy Genius Report". The Wall Street Journal. Retrieved November 14, 2018.
  14. ↑ Tsotsis, Alexia (September 20, 2010). "Mail.com Media Sells Mail.com To United Internet Group". TechCrunch.
  15. ↑ Ha, Anthony (September 21, 2010). "Mail.com is getting out of the email business". Reuters.
  16. ↑ Cite error: The named reference NYTVariety was invoked but never defined (see the help page).
  17. ↑ Almendrala, Anna (October 9, 2012). "Penske Media Corp. Buys Variety As Entertainment Industry Trade Moves Online". HuffPost.
  18. ↑ Barnes, Brooks (February 26, 2013). "Daily Variety, No Longer a Top Star, to Be Closed". The New York Times. Retrieved December 3, 2018.
  19. ↑ "Condé Nast sells Women's Wear Daily, others to Penske Media". USA Today. Retrieved August 19, 2014.
  20. ↑ Somaiya, Ravi (August 19, 2014). "Condé Nast to Sell Fairchild Fashion Media for $100 Million". The New York Times. Retrieved December 3, 2018.
  21. ↑ Bond, Shannon (June 22, 2015). "Shutterstock to challenge Getty Images after Variety tie-up". Financial Times. ISSN 0307-1766. Retrieved September 2, 2015.
  22. ↑ Zosche, Christine. "Penske Media Corp. Acquires Gold Derby". Adweek. Retrieved December 3, 2018.
  23. ↑ "Penske Media Acquires Indiewire". Variety. January 19, 2016. Retrieved January 25, 2016.
  24. ↑ "Dan Gilbert's Robb Report joins forces with Penske Media". January 4, 2017.
  25. ↑ Ember, Sydney (December 20, 2017). "Rolling Stone Publisher Sells Majority Stake to Penske, Owner of Variety". The New York Times. Retrieved November 8, 2018.
  26. ↑ Sisario, Ben (July 31, 2018). "After Top Executive Leaves, Billboard Confronts Its Internal Culture". The New York Times. Retrieved November 11, 2018.
  27. ↑ Mullin, Benjamin (March 6, 2018). "Penske Media Purchases SheKnows Media". The Wall Street Journal. Retrieved November 11, 2018.
  28. ↑ Haithman, Diane (October 29, 2017). "Penske Media Corp. Acquires Sourcing Journal". Los Angeles Business Journal. Retrieved November 11, 2018.
  29. ↑ Steigrad, Alexandra (November 13, 2018). "Penske Media buys Peter Brant's trove of art publications". New York Post. Retrieved November 13, 2018.
  30. ↑ "Penske Media Makes Strategic Investment in LDJ Productions". BGR. May 14, 2020. Retrieved August 18, 2020.
  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.
  32. ↑ Sakoui, Anousha (April 19, 2021). "Penske takes 50% stake in Austin's South by Southwest festival". Los Angeles Times. Retrieved December 13, 2023.
  33. ↑ Kelly, Keith J. (January 21, 2021). "Bonnie Fuller buys Hollywood Life from Penske Media". New York Post. Retrieved May 11, 2024.
  34. ↑ Fritz, Ben (November 26, 2009). "Jay Penske betting he can beat the odds in Internet media". Los Angeles Times. Retrieved December 3, 2018.
  35. ↑ Launder, William (September 15, 2013). "Bonnie Fuller Starts to Trend". The Wall Street Journal. Retrieved December 3, 2018.
  36. ↑ "Life is Beautiful festival in Las Vegas bought by Rolling Stone". Las Vegas Review-Journal. February 5, 2022. Retrieved February 5, 2022.
  37. ↑ Bockmann, Rich (May 20, 2022). "Aby Rosen teams up with Rolling Stone publisher on $290M office deal". The Real Deal. Retrieved December 17, 2023.
  38. ↑ Dwyer, Kate; Harris, Elizabeth A. (December 12, 2022). "Bookforum Is Closing, Leaving Ever Fewer Publications Devoted to Books". The New York Times. Retrieved December 19, 2025.
  39. ↑ Dwyer, Kate (June 22, 2023). "Bookforum Is Returning, Months After Its Closure Was Mourned in the Literary World". The New York Times. Retrieved December 19, 2025.
  40. ↑ 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.
  41. ↑ Littleton, Cynthia (January 25, 2023). "Penske Media Eldridge Acquires Dick Clark Productions in Major Expansion". Variety. Retrieved March 31, 2023.
  42. ↑ Andreeva, Nellie (February 11, 2023). "Dick Clark Productions Hit By Layoffs Following Acquisition". Deadline. Retrieved March 31, 2023.
  43. ↑ Sakoui, Anousha (February 6, 2023). "Penske's media roll-up continues with purchase of Vox stake". Los Angeles Times. Retrieved March 27, 2023.
  44. ↑ Schultz, Ray (October 20, 2025). "Static Media Acquires BGR.com and TVLine.com from Penske Media". MediaPost. Retrieved October 21, 2025.
  45. ↑ Patton, Benjamin Lindsay and Tess (August 25, 2025). "Penske Sells TVLine to Static Media". TheWrap. Retrieved August 25, 2025.
  46. ↑ "Penske Media Corporation Acquires Vox Media, Creating World's Largest Digital Media Publisher". Billboard. June 18, 2026. Retrieved June 21, 2026.
  47. ↑ "Lupa Systems Completes Acquisition of New York Magazine, Vox Media Podcast Network, and Vox" (Press release). Vox Media. July 8, 2026. Archived from the original on July 8, 2026. Retrieved July 8, 2026.
  48. ↑ HFPA sues Jay Penske and Penske Media
  49. ↑ Golden Globes sale was a ‘sham,’ Hollywood Foreign Press alleges in $150-million suit against Penske, others
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