Moreover, he is married to the American model Elaine Irwin. 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. by Allen Strickland Williams. You need friendly access to studio executives and agents gift wrapping your scoops. He is the Chairman and CEO of Penske Media Corporation, a digital media and publishing company he founded in 2004. The veteran media executive called the purchase "a validation of his self-worth." Jay Penske came in and saved this business, said Dea Lawrence, the chief operating and marketing officer of Variety. Many requested to remain anonymous for fear of repercussions from the company. One of his companys divisions owns the Indianapolis Motor Speedway, the home of the Indy 500. 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. And sources say the acquisition spree is unlikely to stop anytime soon. Jay Penske is an American media and publishing entrepreneur who has a net worth of $250 million. Among PMC's first purchases were fast-posting, personality-driven blogs, like Bonnie Fuller's HollywoodLife.com, Nikki Finke's Deadline, and Jonathan Geller's Boy Genius Report, which the company helped develop into more formal operations. Another tweeted, "You shit all over your legacy for a combed over traitor. Jay Penske watches the action at the Indianopolis Motor Speedway during a practice run before the Indianapolis 500 in 2012. Parties The Best Parties of 2023 Grammy Week Jay Penske, chairman and ceo of Los Angeles-based PMC, told Fairchild staff via memo on Tuesday: "As an organization that recognizes the value of . 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.". Who owns Rolling Stone? The rollout began with the Jan. 11 reveal of the rappers ranked 50-41. }) 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. ET. He has since sold the property. The younger Wenner has been more enthusiastic about the push for digital content and diversification. After attending dinner events with the governor and his boss, Roger Penske, the night before and not arriving home until 11 p.m., the 67-year-old Miles . After an enterprise marketing cellphones to children, a 24-year-old Penske relaunched the dot-com-era email portal Mail.com as Mail.com Media Corporation in 2004. The police report said a small scuffle broke out when one of the women attempted to take a photo and Jay Penske "continued to urinate on her boots." 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. hitType: 'event', For Penske, no detail is too small for a CEO. His father was awarded a Presidential Medal by Donald Trump in 2019. 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. 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. All 3 outlets attempted to dissuade people from watching #QIntoTheStorm, claiming it doesnt matter who Q is. A photo of him still hangs in a St. Marys athletic facility, showing him mid-stride on the lacrosse field in his No. But in Penske's world, value is cash-based. Two hundred people, including his parents, attended the opening in 2006, and Mr. Berg did a brief write-up for Vanity Fair. [27] Additionally he has been named a Vice Chair of the American Film Institute (AFI) in 2014 and in 2015 was named by the NY Observer newspaper as one of the 25 most powerful people in Los Angeles. After acquiring Variety, he continued his spree, picking up faded properties at bargain-bin prices. 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. Perez's F1 Win in Singapore Postpones Title Party. He is the Chairman and CEO of Penske Media Corporation, a digital media and publishing company he founded in 2004. Guests including Penske were treated to performances by John Legend and Norah Jones and meals by Michelin-starred chefs. But some lower-tier employees, past and present, have found Penske's generosity less convincing. In the 2015-16 season, d'Ambrosio was fifth and Duval eight. does james wolk play guitar. In 2009, he dove into publishing with the purchase of Deadline. "It was like, 'Wow, the business must be doing well.'". 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. 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. 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. But his fondness for the publication led to real results. Party politics of Thomas Jefferson. An early venture was Firefly Mobile, a company that offered phones designed for children, with large buttons. It is further disclosed in every article any PMC brand writes about Saudi Arabia.. When moving to Los Angeles in 2002, he discovered he had 28,000 volumes, half of which hes now selling to sustain his passion for new acquisitions. 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. } 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." window.googletag.pubads().addEventListener('impressionViewable', function(event) { Meanwhile, "Jason doesn't read the website. Jay Penske is known for ENTV Minute (2012), 9th Annual Style Awards (2012) and Style Awards (2013). they actually represent two-year periods. He remains the only player in lacrosse history to average more than 10 points per game, and break the 200-point barrier in a single season. 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. Another writer explained: "He has this vibe of the 'benevolent billionaire' guy, [but] there are people who are skeptical. "Jason openly disparages Jay in the office," one former Rolling Stone editor said. One employee at The Hollywood Reporter said some staffers felt ill at ease following the PMRC announcement. "I did not get the sense that I was sitting down with the absolute genius of media," a reporter who was friendly with Penske said. . Shortly after the grand opening, employees trudged in from a rainstorm with dirty boots and umbrellas, muddying the pristine floors. Mr. Penske did not publicly address the investment, even as his publications reported on the pressure faced by companies with financial ties to Saudi Arabia. Penske's vision of success has always been defined on his own terms. "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. But others insist that his knowledge and appreciation of new brands he brings on is too extensive to be superficial. 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. Back in 2017, The New York Times reported that Penske Media Corporation had acquired a controlling stake in Wenner Media, the publisher of the famed Rolling Stone magazine. Mr. Penske has not spoken publicly of that night and has kept his silence when faced with public criticism in other instances. Penske Media Silent on $200 Million Saudi Investment After Jamal Khashoggi's Disappearance. 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. Why Does Jay Penske's Media Company Still Have a $200 Million Saudi Stake 9 Months After Khashoggi's Murder? Jay is the youngest son of Roger Penske. He shelved each book himself, and he often mans the cash register.. hitType: 'event', "But he's grown up.". Penske also played hockey and earned All-Region and All-State honors. On this Wikipedia the language links are at the top of the page across from the article title. The upstart publications Puck and The Ankler pose a new threat to Penske Medias hold on entertainment coverage. definitely was part of the group chats," the source said. I agree with TheWrap's Terms of Service and Privacy Policy and provide my consent to receive marketing communications from them. }); 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. Jay Penske (inset), the 33-year old founder and CEO of PMC Media and the son of auto racing titan Roger Penske, was arrested early Thursday morning for allegedly breaking into the Nantucket. Thursdays Hill Reporter piece came about after, it said, a pro-Trump Rolling Stone writer recently contacted MeidasTouch, the PAC founded by the Meiselas Brothers, with a list of accusations he was about to write in an article specifically crafted to defame them. The Hill Reporter and anti-Trump MeidasTouch PAC have an established relationship; the PACs videos regularly appear on the Reporter, accompanied by promises from the editor to Reporter readers that the site will bring you their videos regularly, as they produce them.. 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. Menu. Early life and education [ edit] The blog post showed a photo of Jay Penske in the Oval Office when Trump bestowed the medal of freedom on his father Roger. Penske was added to the Paley Board in 2015 along with Yannick Bollore, Chairman and CEO, Havas and Devin Wenig, the CEO of eBay. The Hollywood Reporter, a Variety competitor, came aboard in 2020. My situation was unique, and it was resolved amicably.. 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