Penske Media Corporation
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, Boy Genius Report, and others. PMC's Chairman and CEO since founding is Jay Penske.
|Formerly||Velocity Services (2003–2007)|
|Predecessor||Mail.com Media Corporation (2007–2012)|
|Jay Penske |
|Divisions||Penske Business Media, LLC.|
Fairchild Fashion Media
Boy Genius Report
Art in America
Founding and early years of Penske Media
Penske Media Corporation was founded by Jay Penske in 2003. It began as an affinity marketing and internet services company called Velocity Services, Inc. The company acquired the Mail.com domain and was renamed to the Mail.com Media Corporation (MMC). By 2008, the company owned digital entertainment properties like OnCars.com, Hollywoodlife.com, 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.
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. The site was designed to compete with other portals like Indiatimes.com, Yahoo, and Rediff.com. 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.
In September 2010, the Mail.com Media Corporation announced a transaction in which they would sell the Mail.com email and portal service to Germany-based, United Internet Group, one of the country'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.
Variety, Fairchild, and other acquisitions
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. 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, ceasing the printing of Daily Variety, and investing more in the digital platform, Variety.com. The paywall was taken down on March 1, 2013 and, after being published for 80 years, the last print edition of Daily Variety was issued on March 19, 2013 and a redesigned Variety magazine launched on March 26, 2013.
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 WWD (Women's Wear Daily), Footwear News, Beauty Inc., and others. Condé Nast had previously in 2003 purchased the assets from Disney Corporation for over $650 million. Two of Fairchild's properties, Style.com and W, remained under Condé Nast's ownership.
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. 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. In January 2016, PMC acquired independent film and television platform, Indiewire from SnagFilms, Inc. for an undisclosed amount of money. 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.
2017 to present; Robb Report, Rolling Stone, and MRC venture
In January 2017, Penske Media Corporation entered into a joint venture for the Robb Report with Rockbridge, the private equity firm of Dan Gilbert. In December 2017, Penske Media acquired a majority stake of Rolling Stone magazine from Wenner Media. In 2018, it expanded further into music with an investment in BuzzAngle Music. Additional acquisitions from 2017 to 2018 include SHE Media, Sourcing Journal, and Art Media Holdings which includes Art in America and ARTnews.
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.
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.
PMC first became the majority owner of Rolling Stone by purchasing a 51 percent stake in the company from Wenner Media in 2017, and then acquired the 49 percent stake held by BandLab Technologies in January 2019 to become its full owner. 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.
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." The other properties are considered leading business-to-business publications offering news and insights into various fashion and beauty niches.
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.
On April 2, 2020, PMC announced that it would launch Sportico—a new vertical focusing on the sports industry. It launched on June 30, 2020., hiring several reporters who previously worked at the sports division of Bloomberg News.
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. The Gold Derby Awards (or "Gold Derby TV and Film Awards") are awards given by the website Goldderby.com for television and film. The awards began in 2004. Owned by Jay Penske since 2015, it is a brand of the Penske Media Corporation. It has also been an investor in the strategic event management company LDJ Productions since 2020.
- "Penske Media Corp. Gets $200M Investment From Saudi Fund". 28 February 2018.
- Fleming, Mike Jr. (20 December 2017). "PMC Closes $100 Million Deal With Jann Wenner; Acquires Majority Interest In Rolling Stone Publisher Wenner Media".
- Novellino, Teresa. "Jay Penske founded Penske Media Group to acquire Conde Nast's Fairchild Fashion Media - The Business Journals". www.bizjournals.com. Retrieved 20 August 2014.
- Trachtenberg, Jeffrey A. (21 December 2017). "Rolling Stone's Owner Sells Controlling Stake to Penske Media". The Wall Street Journal. Retrieved 14 November 2018.
- Novellino, Teresa (20 August 2014). "Jay Penske picks up fashion bible WWD". Business Journals. Retrieved 14 November 2018.
- Reisinger, Don (October 21, 2008). "Mail.com lands $35 million in funding". CNET. Retrieved October 26, 2017.
- Schuker, Lauren A.E. (June 24, 2009). "Hollywood Web-Site Sale Reflects Growing Clout". The Wall Street Journal. Retrieved October 26, 2017.
- 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.
- Luft, Oliver (June 24, 2009). "Deadline Hollywood blog sold for up to $15m". The Guardian. Retrieved October 26, 2017.
- Stelter, Brian (June 23, 2009). "Nikki Finke, Hollywood Blogger, Gets Her Payday". Media Decoder. The New York Times. Retrieved October 26, 2017.
- "India's Zee TV chief: 'We believe we will succeed' in the German market". Deutsche Welle. Retrieved 26 November 2018.
- Ali, Rafat (23 February 2010). "Penske's Mail.com Launching India Portal With Zee, on India.com". Gigaom. Retrieved 26 November 2018.
- Valentino-DeVries, Jennifer (27 April 2010). "Jay Penske Expands Online Media Empire, Buying Boy Genius Report". The Wall Street Journal. Retrieved 14 November 2018.
- Tartakoff, Joseph (20 September 2010). "Penske's Mail.com Media Corp. Sells Its E-Mail Business". Gigaom. Retrieved 7 September 2019.
- Barnes, Brooks; Cieply, Michael (9 October 2012). "In a Fire Sale, Penske Media Buys Variety". The New York Times. Retrieved 11 November 2018.
- Almendrala, Anna (9 October 2012). "Penske Media Corp. Buys Variety As Entertainment Industry Trade Moves Online". Huffington Post. Retrieved 11 November 2018.
- Barnes, Brooks (26 February 2013). "Daily Variety, No Longer a Top Star, to Be Closed". The New York Times. Retrieved 3 December 2018.
- "Condé Nast sells Women's Wear Daily, others to Penske Media". USA Today. Retrieved August 19, 2014.
- Somaiya, Ravi (19 August 2014). "Condé Nast to Sell Fairchild Fashion Media for $100 Million". The New York Times. Retrieved 3 December 2018.
- Bond, Shannon (2015-06-22). "Shutterstock to challenge Getty Images after Variety tie-up". Financial Times. ISSN 0307-1766. Retrieved 2015-09-02.
- Zosche, Christine. "Penske Media Corp. Acquires Gold Derby". AdWeek. Retrieved 3 December 2018.
- "Penske Media Acquires Indiewire". Variety. January 19, 2016. Retrieved January 25, 2016.
- Horgan, Richard. "Michael Schneider Exiting TV Guide Magazine". AdWeek. Retrieved 3 December 2018.
- "Dan Gilbert's Robb Report joins forces with Penske Media". 4 January 2017.
- Ember, Sydney (20 December 2017). "Rolling Stone Publisher Sells Majority Stake to Penske, Owner of Variety". The New York Times. Retrieved 8 November 2018.
- Sisario, Ben (31 July 2018). "After Top Executive Leaves, Billboard Confronts Its Internal Culture". The New York Times. Retrieved 11 November 2018.
- Mullin, Benjamin (6 March 2018). "Penske Media Purchases SheKnows Media". The Wall Street Journal. Retrieved 11 November 2018.
- Haithman, Diane (29 October 2017). "Penske Media Corp. Acquires Sourcing Journal". Los Angeles Business Journal. Retrieved 11 November 2018.
- Steigrad, Alexandra (13 November 2018). "Penske Media buys Peter Brant's trove of art publications". New York Post. Retrieved 13 November 2018.
- 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.
- Pompeo, Joe (31 January 2019). "JAY PENSKE GOBBLES UP THE REMAINING 49 PERCENT OF ROLLING STONE". Vanity Fair. Retrieved 5 April 2019.
- 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.
- Novellino, Teresa (20 August 2014). "Jay Penske picks up fashion bible WWD". The Business Journals. Retrieved 3 December 2018.
- Fritz, Ben (26 November 2009). "Jay Penske betting he can beat the odds in Internet media". Los Angeles Times. Retrieved 3 December 2018.
- Launder, William (15 September 2013). "Bonnie Fuller Starts to Trend". The Wall Street Journal. Retrieved 3 December 2018.
- Goldsmith, Jill (2020-04-02). "Penske Media To Launch New Sports Business Platform Sportico". Deadline. Retrieved 2020-04-03.
- @sportico (30 June 2020). "BREAKING: @Sportico launch day exclusive: @MLB has pre-approved SEVEN bid groups looking at the @Mets :" (Tweet) – via Twitter.
- @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 sportico.com" (Tweet) – via Twitter.
- 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.
- "PMC Acquires Awards Website Gold Derby". 21 July 2015.
- "Penske Media Corporation Acquires Gold Derby". Variety. 21 June 2015. Retrieved 29 May 2017.
- "Penske Media Makes Strategic Investment in LDJ Productions". BGR. 14 May 2020. Retrieved 18 August 2020.