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Penske Media Corporation
Penske Media Corporation (PMC /ˈpɛnski/) is an American mass 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, Women's Wear Daily, Deadline Hollywood, Billboard, The Hollywood Reporter, Robb Report, Artforum, ARTNews, and others. PMC's Chairman and CEO since founding is Jay Penske.
In addition to media publications, Penske Media Corporation owns the Life Is Beautiful Music & Art Festival and is a 50 percent stakeholder in South by Southwest. It is also the owner of Dick Clark Productions which includes the award shows Golden Globe Awards, American Music Awards, Streamy Awards, Academy of Country Music Awards, and the Billboard Music Awards.
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, Hollywood Life, 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 early 2009, the company announced the purchase of Deadline Hollywood Daily (now known as Deadline.com). The website had previously been operated by publisher LA Weekly.
In February 2010, MMC finalized and announced a joint venture with Zee TV for the creation of the new India.com web portal and seven other portals, to compete with other major web portals.
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 email and portal service was sold to United Internet. MMC remained the primary content provider for Mail.com, but the email service itself was operated by United Internet and its GMX email platform.
In 2012, MMC re-branded itself as Penske Media Corporation. 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 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 80 years of publication, the last print edition of Daily Variety was issued on March 19, 2013. A redesigned Variety magazine launched on March 26, 2013.
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Penske Media Corporation
Penske Media Corporation (PMC /ˈpɛnski/) is an American mass 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, Women's Wear Daily, Deadline Hollywood, Billboard, The Hollywood Reporter, Robb Report, Artforum, ARTNews, and others. PMC's Chairman and CEO since founding is Jay Penske.
In addition to media publications, Penske Media Corporation owns the Life Is Beautiful Music & Art Festival and is a 50 percent stakeholder in South by Southwest. It is also the owner of Dick Clark Productions which includes the award shows Golden Globe Awards, American Music Awards, Streamy Awards, Academy of Country Music Awards, and the Billboard Music Awards.
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, Hollywood Life, 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 early 2009, the company announced the purchase of Deadline Hollywood Daily (now known as Deadline.com). The website had previously been operated by publisher LA Weekly.
In February 2010, MMC finalized and announced a joint venture with Zee TV for the creation of the new India.com web portal and seven other portals, to compete with other major web portals.
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 email and portal service was sold to United Internet. MMC remained the primary content provider for Mail.com, but the email service itself was operated by United Internet and its GMX email platform.
In 2012, MMC re-branded itself as Penske Media Corporation. 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 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 80 years of publication, the last print edition of Daily Variety was issued on March 19, 2013. A redesigned Variety magazine launched on March 26, 2013.