Jay Penske is an American media and publishing entrepreneur and auto racing team owner. Penske also played hockey and earned All-Region and All-State honors. [23], Under Penske's leadership, PMC was awarded as one of North America's top 100 private companies by Herring Research. Jay Penske and his wife, Elaine Irwin, at a Ralph Lauren event in New York in 2018. Penske Media, owned by trucking scion Jay Penske, is now the biggest shareholder of Vox Media, a company with titles including New York Magazine, the Cut, Vulture and the . In 2016, PMC debuted an office at 475 Fifth Ave. that Penske helped design. But while he made headlines, his company made money. Ms. Finke left Deadline after Mr. Penskes purchase of Variety amid reports that she preferred that he remain focused on Deadline, rather than attempt to revive a competitor. In an age when media companies are flailing and laying off staffers by the dozens, Penske has managed to transform PMC into a publishing powerhouse. One of his companys divisions owns the Indianapolis Motor Speedway, the home of the Indy 500. PMC chief Jay Penske has closed a major deal to acquire a controlling interest in Wenner Media, the parent company of the venerable rock music bible Rolling Stone. Skip to Navigation; . He prefers to let the brands speak for themselves, a Penske Media spokeswoman said. Ten Penske Media employees interviewed for this article describe their boss as someone who stepped up for publications in trouble. An application has surfaced at the Department of City Planning seeking to grant the. . Best of 2022 Top 250 Movies Most Popular Movies Top 250 TV Shows Most Popular TV Shows Most Popular Video Games Most Popular Music Videos Most Popular Podcasts. Months later Mr. Penske called Mr. Loeb to say he was closing in on a Variety deal but his financing had collapsed. ", In 2009, Gawker wrote about Penske's "quest for elegance," quoting an associate as saying Penske "wants to be a modern day Si Newhouse; he wants to have a glamorous publishing company. Even actor and activist Rosanna Arquette got in on the call to boycott as it began to take off going into the weekend. PMC has occupied an overlooked segment of the media market, buying up flagging industry publications and flipping them into nimble digital-first brands with diverse revenue streams. One thing I knew from the night I met him in the summer of 2002 was that he was a serious bibliophile.. "It was like, 'Wow, the business must be doing well.'". The event overlapped with Prince Mohammed's massive initiative to turn the Red Sea into the next luxury playground for global elites. Advertising, sponsored content, and subscription fees generate revenue. However, he was born in New York City, New York, United States of America. Jay Penske is an American media and publishing entrepreneur and racecar team owner. Her onetime colleague Mr. Fleming had nothing but praise for the publisher. [24] ga('ads.send', { by Allen Strickland Williams. Jann Wenner, who founded the . A Twitter user added: "YOU TWITTER DRIPS. That perceived immaturity is perhaps epitomized by a 2012 incident that ended in Penske's arrest. hitType: 'event', NOW you want to boycott @RollingStone ??? 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. 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. Jay Penske is the Chairman, Founder, and CEO of Penske Media Corporation (PMC). "He was very keen to go around saying he owned Rolling Stone," one current Rolling Stone writer said. document.querySelector("#ads").addEventListener('click',function(){ }); Rolling Stone magazine is being linked to former president Donald Trump and the Saudi government in an unconfirmed expose by a newspaper. And I've met Jay Penske in person exactly one time, shortly after he bought Deadline in 2009, when a mutual friend arranged for us to meet for coffee in a small caf in Marina del Rey. Many requested to remain anonymous for fear of repercussions from the company. 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. 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 . Music. hitType: 'event', The new entity will be called PMRC. Sign up for notifications from Insider! The veteran media executive called the purchase "a validation of his self-worth." Residents protested Penske's purchase, but the media tycoon never backed down. On September 23, Penske Media Corporation, or PMC, which owns Rolling Stone, Variety, and Women's. 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. 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. On any street you may see one of the more than 360,000 trucks and vans belonging to his transportation fleet, with the family name in bold black lettering on the side. 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. jay penske political affiliation. "He's a neat freak. Victoria Will (cover image), via Hollywood Reporter, Illustration by Tom Hodgkinson; Xavier Bonilla/NurPhoto, via Getty Images. MEAWW brings you the best content from its global team of eventAction: 'click_ads' Other PMC staffers said they were instructed to clear their desks of any unsightly objects, like coffee mugs or boxes, anytime Penske came to town. Mr. Thomas met Mr. Penske for lunch at Bryant Park Grill in Midtown. 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. 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. In 2017 he bought Jann Wenners 51 percent stake in Rolling Stone; two years later he acquired the remaining 49 percent, after a cash infusion from a Saudi company. if(document.querySelector("#google_image_div")){ But outside the company, Penske was building a different kind of reputation. ", Another veteran media executive put it more bluntly: "He doesn't strive for greatness. But that's fine. The investment became a point of contention later that year, when Jamal Khashoggi, a critic of the Saudi government who wrote a regular opinion column for The Washington Post, was murdered and dismembered in a Saudi consulate office in Turkey. His father's name is Roger Penske, and his mother is Kathy Penske. In 2009, he dove into publishing with the purchase of Deadline. Penske graduated from high school at St. Mary's Preparatory, in the Detroit suburb of Orchard Lake Village in Michigan, after having attended Cranbrook and Lawrenceville. [6] The Firefly phone won the 2006 CES Innovation Award, presented by the Consumer Electronics Association (CEA) and the 2006 International Consumer Electronics Show (CES). In 2019, TheWrap demanded to know why Penske had remained silent on the investment stake, even afterU.S. intelligence reports confirmed that Saudi Crown Prince Mohammed bin Salman himself ordered American journalist Jamal Khashoggis gruesome murder. PMC bought the remaining 49% of the company in 2019. The UVA reporting scandal had cost the publication $4.65 million in damages and an incalculable reputational blow. The longtime host of The Tonight Show, Jay Leno has interviewed . "It gave him clout." 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. Perez's F1 Win in Singapore Postpones Title Party. While he has not mentioned his siblings. After acquiring Variety, he continued his spree, picking up faded properties at bargain-bin prices. Jay Penske is an American media and publishing entrepreneur who has a net worth of $250 million. Mr. Penske will sometimes play hardball with the staff. But his fondness for the publication led to real results. 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. His father is a grand figure, beloved in the racing world. 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. In 2014 he bought Fairchild Fashion Media, the owner of Womens Wear Daily, from Cond Nast. gads_event = event; An early venture was Firefly Mobile, a company that offered phones designed for children, with large buttons. "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." },false) They were a country club family, said Tom Bernard, the co-president of Sony Pictures Classics, who lived for a time near the Penskes and knew the young Jay. Early life and education [ edit] Home; Location; FAQ; Contacts eventAction: 'click_adunit' PMC's namesake founder Jay Penske has remained one of the highest-profile figures in American media with ties to the Saudi regime. Over the past decade or so, Penske Media Corp. Chairman and CEO Jay Penske, the youngest son of famed billionaire racing-team owner Roger Penske, has slowly aggregated control over most of. Penske designed the shop after the library at Trinity College in Dublin and was known to man the counter from time to time, even once he was running PMC. While he belongs to the Caucasian ethnicity. Analysis / Bias In review, Variety Magazine typically produces original news content about the entertainment industry. } The flurry of deals, announced in a steady drumbeat of news releases, was not all that sexy, given Mr. Penskes focus on old-school publications at a time when Substack and TikTok were hot topics in media circles. Billionaire media mogul Jay Penske and his former Victoria's Secret model wife at war with neighbors over plan to turn historic California church into mega mansion Variety owner Jay Penske. Jun 6 Katy Perry Is Her Own Boss Now Perry covers the June issue of Anyone can read what you share. In an interview, he noted that Mr. Penske flew to New York to attend the wake for his father, who died in 2012 from injuries sustained during Hurricane Sandy. Penske has clashed with the Rolling Stone old guard who think that decisions like launching a Rolling Stone-branded beer are beneath the brand. Baby Mia Jade Riley: Parents Lani and Tom Riley speak out after dog attack killed their 5-week-old infant, Kyle Sambrook: Hiker falls 100ft to death while carrying his dog in one hand through 'appalling' weather, Bruce Willis's mom Marlene 'not sure if her son still recognizes her' as 'aggressiveness' creeps in, Julia Faustyna: 21-yr-old girl who claims to be Madeleine McCann admits to making 'pornographic videos' in past, Killer mom Lindsay Clancy was suffering from drug withdrawal and had 'worst side effects,' says friend. PMC has disclosed the small minority investment from SRMG to all of its stakeholders and brands, a Penske Media spokeswoman said in a statement. 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." This spring, readers will be able to purchase Rolling Stone-branded beer. Why Does Jay Penske's Media Company Still Have a $200 Million Saudi Stake 9 Months After Khashoggi's Murder? When Tatiana Siegel, a longtime Hollywood Reporter journalist, accepted a job at The Ankler, a subscription newsletter started by the show business writer Richard Rushfield that has expanded under the former Hollywood Reporter top editor Janice Min, Mr. Penske put a stop to the move. [7], Penske co-founded Firefly Mobile, Inc., a wireless company that developed the Firefly mobile phone for children, and other youth targeted mobile products. eventAction: 'render' ga('ads.send', { But multiple sources said that despite the growing roster, Rolling Stone remained Penske's crown jewel. ), "In his mind, he did it all on his own," the former executive said. In the reports' own words, the Penske Media Corporation, which employs hundreds of journalists at Variety, Deadline, The Robb Report, WWD and others as well as Rolling Stone, "has never publicly addressed the investment tie to the Saudi government, either to defend or explain it.". (Roger Penske declined to comment for this article. Mr. Penskes plan to convert it into a home for his family drew protests. Three months later, they acquired the rest of the comapny's stake from BandLab Technologies, giving the company full ownership of the venerable magazine, including all event and licensing rights, and the parallel entity Rolling Stone International. 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 . You Dont Know Much About Jay Penske. Married to his supermodel wife Elaine Irwin, he was once arrested with his brother Mark in Nantucket for assaulting a woman and urinating on her, according to a report by The Atlantic. You need people for covers. Other parties have occasionally challenged the Democrats and Republicans. He's childlike,'" the veteran media executive said. window.googletag.pubads().addEventListener('slotRenderEnded', function(event) { Lee, the former Univision chief content officer, predicted that Penske would "create the next iteration of what Cond Nast used to be. does james wolk play guitar. Jay turned and continued to urinate on her boots, the report said. Now Jay Penske can lay claim to the second-largest audience in digital publishing in the US. As The Inquirer and Mirror reported, the brothers escaped into the club's private building (they were not members), and Jay Penske was heard shouting at the woman, "You're not white enough!" 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. Jay Penske, son of billionaire auto racing entrepreneur Roger Penske, and his wife want to convert the shuttered building into an 11,000 square foot mansion, including a roof deck and four-car garage. He was additionally recognized repeatedly as both a 30 Under 30 and Under 40 Success Story from his alma mater. Hes super-close to his dad, Mr. Loeb said. 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. Other media companies like Vice and Endeavor had declined or even returned such funding in the wake of the murder of the journalist Jamal Khashoggi and the detention of other prominent critics by Saudi operatives. He avoids red carpet events, almost never gives interviews and has no social media footprint. As part of our commitment to transparency, we prepared this statement describing the bizarre conduct directed at us and the Meidas Community by freelance reporter @seth_hettena who claims to be working with @RollingStone and have sent a separate legal response directly: pic.twitter.com/nfbnHcOgbM, Meidas Touch's tweet and the Hill Reporter article had the combined effect of sparking fury on social media and sparked the hashtag Boycott Rolling Stone. In October 2019, one year after Khashoggi's death, PMC's luxury lifestyle magazine Robb Reporthosted a secretive five-day party on an abandoned Egyptian island off the coast of Saudi Arabia. For whatever reason, he seems to have changed his mind. As a subscriber, you have 10 gift articles to give each month. Shortly before the first day, Variety published a glowing article headlined SXSW Is My Whole Life: An Ode to the Austin Festival as It Makes Its In-Person Return. You can read it online, where, up until Oscar voting ended on March 22, it was surrounded by For Your Consideration ads. After completing his undergrad at Wharton, he left behind the Jay Penske Rare Book Fund to support the acquisition of rare scholarly materials. document.querySelector("#google_image_div").addEventListener('click',function(){ 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. The fathers success made the Penske name all but inescapable. "[The question of] 'are we being paid with blood money?' [19] Furthermore, Penske's racing team, Dragon Racing has donated over $250,000 of its race proceeds[20]to benefit the charities and non-profit organizations founded by Baron Davis, Tony Dungy,[21] John Elway,[22] Wayne Gretzky, Marcus Allen, Jackson Browne, Brandi Chastain, Ronnie Lott, Jonny Moseley, Chris Mullin, Kerri Walsh and Kristi Yamaguchi. Roger is a high-profile GOP donor and Trump ally, while Jay fired tenured and experienced journalists, then hired hacks to write tabloid level pieces that leaned so far to the right, he was welcomed to join his father in the Oval Office when he was awarded a Presidential Medal from the former guy himself.. john 20:24 29 devotion. Roger was awarded the Presidential Medal of Freedom by Donald Trump in 2019, and his son was present for the ceremony. 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.. To this day, "he fancies himself a man of letters," the veteran media executive said. 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. Jay Leno has been called many things: a conniving opportunist, America's middle-of-the-road funnyman, and even the true heir to Johnny Carson's . 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. Roger Penske with Donald Trump and Roger's youngest son Jay Penske, who is the chairman and CEO of Penske Media Corporation that owns Rolling Stone (Getty Images) Rolling Stone magazine is being linked to former president Donald Trump and the Saudi government in an unconfirmed expose by a newspaper. Jay Penske celebrated his 43rd birthday on May 5, 2022. Penske was co-owner of IndyCar Series racing team Dragon Racing, jointly with Steve Luczo, the Chairman of Seagate Technologies. Due to issues with the Lotus engines[16] Dragon Racing switched to Chevrolet for the Indy 500. Meanwhile, "Jason doesn't read the website. 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. There was kitesurfing on turquoise waters and test-driving $300,000 McLarens in the desert. . PMC's purchase entailed a three-year runway for the Wenners to stay at the publication that expires this winter, according to several sources. they actually represent two-year periods. One Twitter user wrote, "Rolling Stone used to be the home of Hunter S. Thompson, now people are tweeting #BoycottRollingStone after their ties to Trump and the Saudis have been exposed." hollywood Nov. 24, 2013 Inside the Promising, Hellish, Doomed Business Romance of Nikki Finke and Jay Penske By Benjamin Wallace A confirmed new photograph of Finke has not been published since. But some lower-tier employees, past and present, have found Penske's generosity less convincing. 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. The fund has allocated over $250,000 in direct aid to employees who have been affected by the pandemic this year, a source close to the company said. "He knew the nuances of the Latino community [and] had very specific questions on how to reach those markets," Lee said, adding that "it was very clear" that he was "going to be very successful. "He struck me as this playboy. One employee at The Hollywood Reporter said some staffers felt ill at ease following the PMRC announcement. A 2015 cover of Variety, the trade publication acquired by Penske Media in 2012. In September the next year, Wenner Media announced that the remaining 51% of Rolling Stone magazine was also up for sale, which Penske Media bought. Others found the costume contest, which will be virtual this year, somewhat uncomfortable. 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 2019, he was awarded the Presidential Medal of Freedom. Jay is the founder and CEO of the Penske Media Corporation (PMC) which owns dozens of. "After telling us they were publishing a defamatory story and giving us a 48-hour deadline to respond last Wednesday, @RollingStone and @seth_hettena are now targeting the few vendors we have who assist with our canvassing & ad buys," Meidas Touch said in a tweet. A few years later, it became apparent that his ambitions went beyond watching over a scrappy digital outlet, when he set his sights on Variety, the age-old show business publication that was challenged by the transition to online media. MEAWW is an initialism for Media Entertainment Arts WorldWide. "They aren't looking for accolades or industry acceptance, but more the results and profits from evolving their brands into self-sustaining companies. He is the Chairman and CEO of Penske Media Corporation, a digital media and publishing company he founded in 2004. Sources suggested that one of Penske's shrewdest moves was predicting the decline of print before others caught on. After the company bought a controlling stake in Vibe and Billboard, which have offices in New York, he flew there to meet with each new employee. But that Hollywood Reporter employee also said that in today's media landscape, it's all relative. ", Another source, the former PMC director, said Penske was "oddly very compassionate for someone who grew up with so much privilege.". 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. PMC announced the investment in WWD in February 2018 but specified the identity of the investor in an edit only after The Wrap requested comment almost 17 months later. I think he has a chip on his shoulder and wants to prove himself, he said. It would be a shame to share this photo.". 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