Penske Media Corporation
| Company type | Private |
|---|---|
| Industry | Mass media, publishing, information services |
| Founded | 2003 |
| Founder | Jay Penske |
| Headquarters | Los Angeles and New York City , United States |
Area served | Worldwide |
Key people | Jay Penske (Founder, Chairman, CEO) |
| Products | Variety, Rolling Stone, Women's Wear Daily, Deadline Hollywood, Billboard, The Hollywood Reporter, Boy Genius Report, Robb Report, Artforum, ARTNews, Life Is Beautiful Music & Art Festival, South by Southwest (50% ownership), Dick Clark Productions |
| Website | www |
Penske Media Corporation (PMC) is a U.S.-based company specializing in mass media, publishing, and information services, with headquarters located in both Los Angeles and New York City. The company manages more than 20 print and digital brands, such as Variety, Rolling Stone, Women's Wear Daily, Deadline Hollywood, Billboard, The Hollywood Reporter, Boy Genius Report, Robb Report, Artforum, and ARTNews. Jay Penske serves as the founder, Chairman, and CEO of PMC.
In addition to its media holdings, PMC owns the Life Is Beautiful Music & Art Festival and maintains a 50% ownership interest in South by Southwest. The corporation also controls Dick Clark Productions, which is responsible for producing prominent award ceremonies including the Golden Globe Awards, American Music Awards, Streamy Awards, Academy of Country Music Awards, and the Billboard Music Awards.
2003–2011: Establishment and formative years of Penske Media
Founded in 2003 by entrepreneur Jay Penske, Penske Media Corporation began as Velocity Services, Inc., focusing on affinity marketing and internet services. After acquiring the Mail.com domain, the company rebranded as Mail.com Media Corporation (MMC). By 2008, MMC had expanded its portfolio to include digital entertainment platforms such as OnCars.com, Hollywood Life, Movieline, and MailTimes, while also operating the Mail.com portal and email services. That year, MMC secured a $35 million growth equity investment from a major private equity firm.
In early 2009, MMC expanded its entertainment media reach by purchasing Deadline Hollywood Daily (now Deadline.com) from publisher LA Weekly. By February 2010, MMC formed a joint venture with Zee TV to launch India.com along with other websites aimed at the Indian audience.
April 2010 saw MMC acquire the technology blog Boy Genius Report (BGR), enhancing its tech media offerings; founder Jonathan Geller remained as Editor in Chief. Later that year, in September, MMC divested its Mail.com email and portal services to United Internet but continued supplying content for Mail.com while United Internet took over email management.
2011–2016: Acquisition of Variety, Fairchild Fashion Media, and additional expansions
In 2012, MMC underwent a rebranding to become Penske Media Corporation (PMC). In October of that year, PMC acquired Variety Inc., including assets such as Variety magazine, Daily Variety, Variety.com, and related properties from Reed Elsevier for approximately $25 million. Supported financially by hedge fund Third Point LLC, PMC removed the paywall from Variety's website, discontinued printing Daily Variety, and invested significantly in developing its digital presence. The paywall was lifted on March 1, 2013, with the final print issue of Daily Variety released on March 19, 2013. Shortly thereafter, a redesigned weekly edition of Variety magazine was introduced.
Towards the end of 2014, PMC acquired Fairchild Fashion Media from Condé Nast for just under $100 million. This acquisition included important print and online titles such as Women's Wear Daily (WWD), Footwear News, and Beauty Inc. Condé Nast had previously purchased these assets from Disney in 2003 for over $650 million; however, Style.com and W remained under Condé Nast's ownership.
In June 2015, PMC entered into an exclusive licensing partnership with Shutterstock to access imagery from its fashion and entertainment archives. The following month, PMC purchased Gold Derby, a platform that utilizes data analytics to forecast global awards show results. In January 2016, PMC further broadened its media portfolio by acquiring IndieWire, an independent film and television publication formerly owned by SnagFilms; financial terms were not disclosed.
2017–present: Robb Report, Rolling Stone, MRC collaboration, and Vox Media
In January 2017, Penske Media Corporation partnered with Rockbridge, a private equity firm headed by Dan Gilbert, to establish a joint venture for the Robb Report. Later that year, PMC secured a controlling interest in Rolling Stone magazine by acquiring it from Wenner Media. The following year, the company broadened its presence in the music sector by investing in BuzzAngle Music and further expanded its holdings through the purchases of SHE Media, Sourcing Journal, and Art Media Holdings, which encompasses titles such as Art in America and ARTnews.
On September 23, 2020, PMC assumed operational control of MRC Media & Info’s publications—including rivals like The Hollywood Reporter and Billboard—via a joint venture named PMRC. Concurrently, MRC created a separate entity to produce content affiliated with PMRC’s portfolio. In 2021, PMC acquired half ownership of the South by Southwest festival while divesting the entertainment website Hollywood Life, a platform targeting women aged 18 to 35 that draws approximately 35 million monthly users; this site was originally founded by former editor Bonnie Fuller.
In 2022, PMC took majority control of Las Vegas' Life Is Beautiful Music & Art Festival, integrating it into the Rolling Stone division. That same year, the company added contemporary art publications Artforum and Bookforum to its roster, although Bookforum ceased publication later in 2022. Additionally, PMC inaugurated the LA3C music festival based in Los Angeles.
January 2023 saw PMC enhance its holdings by acquiring an interest in Dick Clark Productions through its joint venture Penske Media Eldridge. The following month, PMC became the largest shareholder in Vox Media, purchasing a 20% stake and appointing Jay Penske to serve on Vox's board of directors.
Variety
PMC owns and manages Variety, a premier trade magazine serving the entertainment industry since its founding in 1905. Alongside the print edition, PMC oversees its digital platforms and data services. The company purchased Variety from Reed Elsevier in 2012 for approximately $30 million, strengthening its media and entertainment portfolio.
Rolling Stone
PMC gained majority ownership of Rolling Stone by acquiring 51% from Wenner Media in 2017 and later obtaining the remaining 49% from BandLab Technologies in 2019 to secure full control. This internationally recognized media brand focuses on popular culture with editions published across 15 countries including China, Australia, India, and the United Kingdom. Established in San Francisco in 1967 by Jann Wenner and Ralph J. Gleason, the magazine initially earned acclaim for its music journalism and political coverage. Under PMC’s strategic guidance, Rolling Stone shifted to a monthly U.S. publication format while continuing to deliver content blending music, politics, and popular culture aimed at a diverse audience.
Robb Report
The Robb Report is a U.S.-based luxury lifestyle publication showcasing upscale products such as automobiles, aviation, boating, real estate, and timepieces.
Deadline Hollywood'
Deadline Hollywood, also referred to as Deadline.com, is a digital magazine covering the entertainment sector, created by Nikki Finke in 2006. Originally managed under LA Weekly, it became part of Penske Media's portfolio in June 2009.
Fairchild Fashion Media
In late 2014, PMC acquired Fairchild Fashion Media from Condé Nast. This entity specializes in digital content and events within the fashion industry, owning prominent titles such as WWD (Women's Wear Daily), Footwear News, and Beauty Inc.. WWD is often recognized as the definitive publication for the fashion sector, while the other brands cater to business audiences seeking specialized insights into fashion and beauty markets.
Sportico
PMC introduced Sportico, a sports business and media-focused vertical, on April 2, 2020. The platform officially launched on June 30, 2020, bringing on board seasoned journalists from Bloomberg’s sports business team. On December 14, 2020, Sportico broadened its scope by acquiring The Intercollegiate, a college sports media outlet, adding two writers to enhance its coverage of collegiate athletics.
Bollywood Life
BollywoodLife.com operates as an entertainment and celebrity news website dedicated to Indian pop culture. As a component of Penske Media Corporation, it reaches over 20 million active monthly users and commands a social media following exceeding 5 million, underscoring its strong foothold in the digital entertainment arena.
Additional Holdings
PMC’s diverse portfolio comprises Boy Genius Report (BGR.com), TVLine, SHE Media, Sourcing Journal, and Gold Derby. BGR.com, a technology and gadget blog founded by Jonathan Geller, was integrated into PMC in 2010. Gold Derby, launched in 2000 originally as an entertainment news community before pivoting to awards forecasting, joined PMC in 2015 and has been hosting the Gold Derby TV and Film Awards since 2002. Furthermore, PMC made a strategic investment in event management company LDJ Productions in 2020.
Penske Media also holds co-ownership of its New York office located at 475 Fifth Avenue through a partnership with RFR Holding completed in 2022, strengthening its corporate real estate holdings.