"When Jay came in, it was like the cavalry arriving," one editor who experienced PMC's 2012 Variety acquisition said. When PMC took over, it introduced 20 new editorial positions and an $8 million to $10 million redesign. Sources said he regularly greets employees in the hallways by asking for updates on projects they're surprised he's even aware of. Guess who owns Penske? Now Jay Penske can lay claim to the second-largest audience in digital publishing in the US. (The genre dates back to 1973, when DJ Kool Herc first set up his two turntables to rock a Bronx party.) View details Hide details. [28], He became engaged to Elaine Irwin, the model and former wife of musician John Mellencamp, in October 2012. In October 2013, Dragon Racing signed an agreement with Formula E Holdings to be the fourth franchise team to enter the new FIA Formula E Championship. He avoids red carpet events, almost never gives interviews and has no social media footprint. He is the Chairman and CEO of Penske Media Corporation, a digital media and publishing company he founded in 2004. Perez's F1 Win in Singapore Postpones Title Party. "It's weird to dance for your boss on a stage while he is not dancing and is judging you," a source who competed for last year's prize said. SIGN UP FOR OUR FREE DAILY NEWSLETTER, FIRST TAKE. However, he was born in New York City, New York, United States of America. The company said late today it is investing in Vox Media, owner of Vox, New York Magazine, The Cut, Eater, Thrillist, Popsugar and . Jay Penske is the Chairman, Founder, and CEO of Penske Media Corporation (PMC). Rolling Stone - Page 6988 - Music, Film, TV and Political News Coverage. Jay showed signs that he would go his own way not long after his 2001 graduation from the Wharton School of the University of Pennsylvania. Jay Penske is Chairman/CEO/Founder at Penske Media Corp. See Jay Penske's compensation, career history, education, & memberships. For the media executive Jay Penske, awards season is money season. [6] He is on the board of the Entrepreneurial School at the Wharton School as of 2007,[6] and is also a member of the University of Pennsylvania Library's Board of Directors. window.googletag.pubads().addEventListener('slotRenderEnded', function(event) { He is the son of celebrated former US racing driver Roger Penske who is also founder and chairman of the $8bn Penske Automotive Group Inc. Penske Media Corporation, IndieWire's parent company, has made a strategic investment in digital publisher Vox Media, becoming the largest shareholder of the media company that owns New York . Advertising, sponsored content, and subscription fees generate revenue. In 2017, Jay Penske, CEO of Penske Media, which owns, among other titles, Rolling Stone and Variety, and his wife, the former Victoria's Secret model Elaine Irwin, purchased the church and its . The year 2012 was also when he got arrested in Nantucket. Its the time of year when Disney and Netflix, along with the other studios and streamers, demonstrate their love for the talent by spending millions on For Your Consideration ads in Variety, The Hollywood Reporter and Deadline, as well as the niche outlets Gold Derby, IndieWire and TVLine. "They aren't looking for accolades or industry acceptance, but more the results and profits from evolving their brands into self-sustaining companies. In 2020 Mr. Penske bought 80 percent of The Hollywood Reporter, Billboard and Vibe. In March, while other companies furloughed staffers, Penske promoted the company's so-called Angel Fund, a long-standing program built to assist employees with needs that arise from circumstances beyond their control. Penske, dressed as Willy Wonka, even emceed a costume contest, doling out thousands of dollars in cash to the winners. ", "At that point I thought, 'He fundamentally doesn't understand media. One former graphic designer at Women's Wear Daily recalled seeing Penske get down on the floor to examine something with measuring tape. An Elmo-costumed Questlove deejayed, professional hair and makeup services were provided at the office day of, and a free day off was given to anyone who attended, sources said. One of Penske's signature policies is scheduling 15-minute meetings with each staff member of a newly acquired publication "even the mailroom people," according to one former Rolling Stone employee. The United States government concluded that the killing had been carried out by a team reporting directly to Crown Prince Mohammed bin Salman, Saudi Arabias de facto ruler. One of Penske's early business ventures was Dragon Books, an antiquarian bookstore he opened in Bel Air, where one could pick up an original copy of Newton's "Principia" for a cool $300,000. You need friendly access to studio executives and agents gift wrapping your scoops. [24] That summer, on the tony island of Nantucket, two women spotted a 33-year-old Penske and his 35-year-old brother, Mark, a wealth manager, urinating on a car in the parking lot of the Nantucket Yacht Club. The church is the First Baptist Church of Venice, now owned by Jay Penske, the son of automotive billionaire Roger Penske. This spring, PMC continued to diversify, adding the events company LDJ Productions to its portfolio and launching Sportico, PMC'S first venture into the sports world. Built on Ms. Finkes lively voice, it was a gleefully rude digital upstart that made Variety and The Hollywood Reporter seem like house organs for the movie studios and talent agencies. In 2011, the name of the team changed to Dragon Racing, with Penske as the sole owner, and Paul Tracy was announced as the driver. He also owns Dragon Books Ltd., a Los Angeles-based used bookstore that sells rare and collectible books. Waxman had written a piece about a "staff revolt" against Variety's editor-in-chief, Claudia Eller. eventAction: 'click_ads' For last year's annual holiday bash, Penske, an apparent Halloween fanatic, spared no expense. "I have significantly fewer concerns about attempts at editorial control with regard to Jay Penske than I did" before PMC leadership, the Hollywood Reporter employee said. Others found the costume contest, which will be virtual this year, somewhat uncomfortable. TV & Movies. Apr. Anyone can read what you share. Now fully owned and operated by Mr. Penske and called Dragon Racing, it has competed in the Formula E racing series, for electric cars, for nearly a decade. Last year he made his move on South by Southwest, becoming a majority shareholder in the annual tech, film and music festival, which had run into money troubles because of the pandemic. Several current and former employees noted Penske's meticulous attention to detail in the new space. "He struck me as this playboy. But the reformed playboy who's said to have a personal friendship with Saudi Crown Prince Mohammed bin Salman wasn't always destined to be a media hero. He keeps an apartment in New York and recently bought a private island in the Bahamas. For now, under Gus Wenner's supervision, the brand is ramping up its multimedia content with audiobook, film, and TV partnerships, as well as licensing deals some things that his father scoffed at years ago. Why Does Jay Penske's Media Company Still Have a $200 Million Saudi Stake 9 Months After Khashoggi's Murder? According to the article, Jack Rousch and Roger Penske have contributed directly to Trump's campaign of Trump super PACs in the 2020 election cycle. But I think Jay would rather have let the deal go off the rails before going to his dad for anything other than emotional support., Mr. Loebs fund provided the $26 million in debt and equity Mr. Penske needed to clinch the sale. Jun 6 Katy Perry Is Her Own Boss Now Perry covers the June issue of Deadlines minuscule staff regularly scooped the competition. The post on a Washington blog the Hill Reporter by Tara Dublin mixed up facts about Penske, but noted his fathers support of Trump: [I]n more recent years, the magazine has seen its share of bad publicity in light of bad decision making, which led to the ultimate bad decision: Rolling Stone was sold to the son of Trump-backing multimillionaire Roger Penske, Jay Penske, said the Hill Reporter piece published Thursday. A former Wenner Media executive said that Jann Wenner fiercely rejected a proposal to launch Rolling Stone-branded hotels in Las Vegas and Miami in 2004, grumbling that Rolling Stone was "too valuable of a brand.". The event would mark a turning point in Penske's life and career. definitely was part of the group chats," the source said. A photo of him still hangs in a St. Marys athletic facility, showing him mid-stride on the lacrosse field in his No. Guess who owns Penske? While he has not mentioned his siblings. Eller was placed on leave after calling the journalist Piya Sinha-Roy "bitter" for criticizing Variety's lack of diversity on Twitter. Her onetime colleague Mr. Fleming had nothing but praise for the publisher. Now Jay Penske can lay claim to the second-largest audience in digital publishing in the US. Some have speculated that Penske will concentrate on international expansion. By Kathryn Underwood. [6][14] The team name is derived from Penske's love of books and business interest Dragon Books, Ltd., and his partner's last name. Jay Penske celebrated his 43rd birthday on May 5, 2022. But others insist that his knowledge and appreciation of new brands he brings on is too extensive to be superficial. PMC has gone sector by sector, from Hollywood to fashion to art, scooping up industry and luxury trade publications to build a portfolio that includes titles like WWD, Rolling Stone, Deadline, ArtNews, IndieWire, Variety, and Robb Report. He prefers to let the brands speak for themselves, a Penske Media spokeswoman said. Childhood And Education On May 5, 1979, Jay Penske was born in New York City to his father, Roger Penske (founder of the automotive agglomerate Penske Corporation) and Kathy Penske (an English teacher). YOU'VE REACHED YOUR MONTHLY ARTICLE LIMIT. hitType: 'event', (Ms. Finke declined to comment.). hitType: 'event', Moreover, he is married to the American model Elaine Irwin. [29] Their daughter was born in 2013.[30]. The Hollywood Reporter, a Variety competitor, came aboard in 2020. PMC bought the remaining 49% of the company in 2019. "He was very keen to go around saying he owned Rolling Stone," one current Rolling Stone writer said. An article titled 'The Demise of Rolling Stone: How A Legendary Magazine Sold Out to Trump and the Saudis' went viral on social media and sparked controversy. While he belongs to the Caucasian ethnicity. As a subscriber, you have 10 gift articles to give each month. To this day, "he fancies himself a man of letters," the veteran media executive said. In 2018, a Rolling Stone-themed "Rock Room" on Holland America Line cruise ships was launched. Penske, whose father has said he has never invested in his son's businesses, personally reached out to the former executive to ask him to remove the Penske surname and simply use PMC. Jay has been by far the best owner Ive worked under at The Hollywood Reporter, said Ms. Siegel, who joined the magazine in 2003. "There was a rumor," said another former Women's Wear Daily employee, "that he would come around at night and Post-it items he didn't like." And He's Fine With That", "Jay Penske founded Penske Media Group to acquire Conde Nast's Fairchild Fashion Media - The Business Journals", "Dragon Racing sues Lotus over engine deal", "Dragon's switch to Chevrolet engines approved by IndyCar", "Dragon Racing joins FIA Formula E Championship", "The 2010 International Best-Dressed List", "Elaine Irwin, John Mellencamp's Ex, Engaged to Jay Penske, Media Mogul", https://en.wikipedia.org/w/index.php?title=Jay_Penske&oldid=1134521418, Wharton School of the University of Pennsylvania alumni, Pages using infobox person with multiple parents, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 19 January 2023, at 02:58. He grew up in New York City, Monmouth County, N.J., and Bloomfield Hills, Mich., where Penske Corporation has its headquarters. EXCLUSIVE: Ken Loach has said the UK's biggest film and TV trade union is at risk of failing vulnerable industry workers as years-long tensions at the labor rights group have come to a head. According to a Nantucket Police Department report, Mr. Penske and his brother Mark were urinating in a parking lot outside the Nantucket Yacht Club late at night when a woman approached. The deal values. He shelved each book himself, and he often mans the cash register.. Jay turned and continued to urinate on her boots, the report said. Anger over the purchase flared up again this summer. Jay Penske officially has a fight on his hands over the future of the First Baptist Church in Venice. hitType: 'event', All 3 outlets attempted to dissuade people from watching #QIntoTheStorm, claiming it doesnt matter who Q is. if(document.querySelector("#adunit")){ window.googletag.pubads().addEventListener('impressionViewable', function(event) { ga('ads.send', { "It's BULLSHIT," Penske wrote to Waxman about her story, "and you should really be embarrassed.". He holds an American nationality and practices Christianity. NOW you want to boycott @RollingStone ??? The post also shone a light on a topic very familiar to readers of TheWrap: A $200 million investment by a Saudi Arabian public fund Penske accepted in 2018. In 2014 he bought Fairchild Fashion Media, the owner of Womens Wear Daily, from Cond Nast. That perceived immaturity is perhaps epitomized by a 2012 incident that ended in Penske's arrest. Penske also played hockey and earned All-Region and All-State honors. He moved to Los Angeles and threw himself into businesses that had nothing to do with the nuts, bolts and engine noise of the family trade. eventAction: 'view' ", Another veteran media executive put it more bluntly: "He doesn't strive for greatness. Following Khashoggi's death, Penske attended a Formula E. "He's a neat freak. At a Black Lives Matter protest on June 2, Ben Affleck, whose children attend the same private school as Penske's, marched while toting a big poster that said "Save First Baptist Church of Venice.". Today PMC's brands reach a monthly audience of almost 120 million readers nationwide, and it is expected to add another 40 million monthly readers from The Hollywood Reporter, Billboard, and Vibe. jay penske political affiliation. And his company has become a prime landing spot for the tens of millions spent annually on Oscars and Emmys advertising, a market that has heated up in recent years as streaming platforms spare no expense in their quests for prestige and attention. "But he's grown up.". "By switching focus from us & targeting these small businesses, they are trying to damage the relationships that power our operation and harm them and us financially in the process. Mr. Penske, who declined to be interviewed for this article, entered publishing in earnest in 2009, when he bought Deadline Hollywood Daily, a take-no-prisoners entertainment news site started by the journalist Nikki Finke. The visit took place during an eventful time for Mr. Penske. Perhaps Penske's most controversial move was his decision in 2018 to accept a $200 million investment from the Saudi Research and Marketing Group, a company with complex financial ties to the Saudi government. Mr. Thomas met Mr. Penske for lunch at Bryant Park Grill in Midtown. However, no such tweet activity or other proof to substatiate these claims have been added in the article. In those early days, he was known to many as a slick and handsome jet-setter with a wardrobe and a head of hair to rival Patrick Bateman. Though Wenner was officially kept on as editorial director, multiple Rolling Stone sources told Business Insider that he was all but excommunicated and given an office on a separate floor in the new building. Early life and education [ edit] Victoria Will (cover image), via Hollywood Reporter, Illustration by Tom Hodgkinson; Xavier Bonilla/NurPhoto, via Getty Images. Feb. 6, 2023 4:39 PM PT. The Penskes were locked in a police station cell, only to be released soon afterward. Months later Mr. Penske called Mr. Loeb to say he was closing in on a Variety deal but his financing had collapsed. The Hill Reporter published the story on Thursday, April 1, alleging the magazine is funded by the Saudi government, supports Donald Trump, and also claimed that it has donated millions to the Republican Party and GOP Super PACS. The veteran Hollywood executive Sandy Climan put him in touch with Daniel S. Loeb, a hedge fund investor, and the two hit it off over breakfast at the Montage Beverly Hills. Yet other parties, such as the Reform, Libertarian, Socialist, Natural Law, Constitution, and Green Parties can promote candidates in a presidential election. A 2015 cover of Variety, the trade publication acquired by Penske Media in 2012. they actually represent two-year periods. Some suggested that Penske had focused his attention on mentoring Wenner's 30-year-old son, Gus Wenner, Rolling Stone's president and chief operating officer. It is further disclosed in every article any PMC brand writes about Saudi Arabia.. Aspiring media mogul Jay Penske has been arrested for allegedly urinating on a woman's shoes after breaking into the prestigious Nantucket Yacht Club. And sources say the acquisition spree is unlikely to stop anytime soon. The new entity will be called PMRC. Mr. Penske gave full expression to his passion when he opened a bookshop in the Beverly Glen neighborhood of Los Angeles. The former executive recalled the early days of PMC when he opted to use the full name, Penske Media Corporation, in his email signature for the name recognition. com, an email portal which he sold to United Internet, of Germany, for almost 100 seven years later. You need people for covers. } All 3 outlets attempted to dissuade people from watching #QIntoTheStorm, claiming it doesnt matter who Q is. [7], Penske co-founded Firefly Mobile, Inc., a wireless company that developed the Firefly mobile phone for children, and other youth targeted mobile products. The two bonded over their shared love of books, Mr. Berg said in an interview, adding that he was struck by the younger mans apparent distaste for Hollywood and the media. eventAction: 'click_image_ads' A little over a decade after wading into the Hollywood trades, automotive heir Jay Penske has mastered the art of buying distressed media properties and dominating once-thriving niches such as entertainment, music, fashion, and now (he hopes) fine arts. After all, not only has it avoided cutbacks, but PMC has continued to expand as other media companies have relied on layoffs and budget cuts to survive the pandemic. One such event played out in public this summer when Sharon Waxman, the founder of The Wrap, published a furious email she'd received from Penske. In recent years, Penske has earned a reputation as an accessible and ebullient boss, mirroring his father's skill for getting to know even his lowest-level employees on a first-name basis. Due to issues with the Lotus engines[16] Dragon Racing switched to Chevrolet for the Indy 500. It is likely that political parties will continue to play a major role in presidential elections. But some lower-tier employees, past and present, have found Penske's generosity less convincing. ET Thursday by Nantucket Police According to the Inquirer and Mirror, the initial police report listed the case as assault and battery after two women approached police officers and told them they had been assaulted by two men . The event overlapped with Prince Mohammed's massive initiative to turn the Red Sea into the next luxury playground for global elites. He was an all-state hockey player, and in 1997 he was named an All-American lacrosse player. [1], At St. Mary's, Penske was named All-League, All-State, All-American,[2] and Player of the Year by USA Today in lacrosse. "Things that have meaning. Here are a few facts about the parties involved and how it led to furious calls to boycott the magazine. After the woman alerted the police, the brothers apparently tried to flee.. Internet slams former Notre Dame coach's personal views, Trump backed Saudi prince in Khashoggi murder to divert media from Ivanka's email fiasco, claims Bolton's book. sainsbury's opt on bank statement. His bid was accepted. },false) Jay grew up with great wealth, but in L.A. there are rooms that are not open to just any rich guy, said Matthew Belloni, who leads entertainment industry coverage for a new publication, Puck, and who was the top editor of The Hollywood Reporter before Mr. Penske took over. A new piece again shines light on the $200 million Saudi Arabian investment into the magazines parent company Penske Media. But that Hollywood Reporter employee also said that in today's media landscape, it's all relative. These conversations revealed an eccentric and dynamic entrepreneur determined to defy the odds in publishing and to prove himself outside of his family name. Jordan Klepper on Guns, Trump, The Right Vs. Left and Lessons Learned from Jon Stewart. For Penske, no detail is too small for a CEO. This past summer, the publication signed a deal with Bulldog, a European licensing company, offering services from branded puzzles and games to "location-based experiences." Many of those interviewed suggested that any concerns about Penske or his plans for their business were dampened by the simple promise of job security. Well, isnt that a coincidence. ga('ads.send', { The upstart publications Puck and The Ankler pose a new threat to Penske Medias hold on entertainment coverage. When I met Jay Penske, he viewed two industries with contempt: show business and magazines, Mr. Berg said. "He seems to actually value what we do and be familiar with our work," the Hollywood Reporter employee added. Family vacations took place at Deer Valley in Utah, a ski resort that was partly owned by his father from 1987 to 2017. Jay Penske and Ms. Irwin were among the guests in the Oval Office who looked on as former President Donald J. Trump placed the medal around the patriarch's neck. But Penske who, according to two high-level sources for this story, has a personal relationship with Prince Mohammed, a fellow racing fan, that predates the investment has never offered any statement on the deal. In late September, PMC CEO Jay Penske, son of auto-racing kingpin Roger Penske, inked a $225 million deal to acquire 80 percent of The Hollywood Reporter's parent MRC a merger that would. }); Mr. Penske made himself into a publisher after growing up the youngest son of the automotive industry titan Roger Penske, a onetime professional racecar driver, known as the Captain, who started his business, Penske Corporation, once his racing days were done. It's pretty well established that he is anti-union.". hitType: 'event', It is unclear what role each Wenner will play after that. Penske was added to the Paley Board in 2015 along with Yannick Bollore, Chairman and CEO, Havas and Devin Wenig, the CEO of eBay. }); Roger has been active in Republican politics, which is one of the reasons that The Hill Reporter claims that Rolling Stone has now been corrupted. You need people to speak at your conferences. The result, he continued, is that publications with different business models, and more aggressive reporting, can elbow their way in.. Isaac Lee, who worked with Penske on a partnership between PMC and Univision, recalled his team's surprise when Penske jumped into the conversation speaking perfect Spanish. An application has surfaced at the Department of City Planning seeking to grant the. gads_event = event; These claims have been made by Hill Reporter in an article titled 'The Demise of Rolling Stone: How A Legendary Magazine Sold Out to Trump and the Saudis' and there is no proof for the allegations, as of now. A half-century-old church in Venice with deep historical ties to the area's African American community may soon become a mansion for a billionaire's family. In 2019, his father, who made his fortune in truck leasing, car dealerships, and NASCAR and IndyCar racing, announced a succession plan that would pass the torch to Penske's older half-brothers, Roger Jr. and Greg. And I think [you see that in] the brands that Jay's acquired.". After acquiring Variety, he continued his spree, picking up faded properties at bargain-bin prices. Menu. He is also the chairman and CEO of Penske Media Corporation (PMC). The office's new design featured entrances outfitted floor to ceiling with expensive, pale Belgian wood. Shortly after the grand opening, employees trudged in from a rainstorm with dirty boots and umbrellas, muddying the pristine floors. MEAWW brings you the best content from its global team of "I think Jay and the senior PMC staff sincerely believe that they are part of a larger mission to save publishing," one former PMC director said. Penske's vision of success has always been defined on his own terms. Neither Wenner nor Fine responded to requests for comment. Roger Penske is a former race car driver who has not shared any details about his siblings. And recently bought a private island in the US passion when he got arrested in Nantucket that sells rare collectible... Arriving, '' the Hollywood Reporter employee added Park Grill in Midtown Bryant Park Grill in Midtown Variety 's of... 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