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 . The year 2012 was also when he got arrested in Nantucket. 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 . U.S. President Donald Trump and First Lady Melania Trump talks with Richard Childress and Roger Penske prior to the NASCAR Cup Series 62nd Annual Daytona 500 at Daytona International Speedway on. Mr. Penske has not spoken publicly of that night and has kept his silence when faced with public criticism in other instances. 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 Chairman/CEO/Founder at Penske Media Corp. See Jay Penske's compensation, career history, education, & memberships. 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. [4] During his final season of lacrosse Penske broke Michael Powell's record of 194 points with 202 points in a single season. He still has emails printed out for him.". 7 jersey, which the school retired. (That investment made Mr. Loeb a part owner of Variety; Mr. Penske has since bought back his stake, Mr. Loeb and a Penske Media spokeswoman said.). 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. After completing his undergrad at Wharton, he left behind the Jay Penske Rare Book Fund to support the acquisition of rare scholarly materials. Perez's F1 Win in Singapore Postpones Title Party. MEAWW brings you the best content from its global team of Jay Penske came in and saved this business, said Dea Lawrence, the chief operating and marketing officer of Variety. if(document.querySelector("#google_image_div")){ 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. 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. jay penske political affiliation. The store, with its 18th-century French mantel, wood paneling and Doric columns, became a favorite of antiquarian book lovers. media-tech companies with hubs around the world. In 2018, Penske faced criticism for accepting a $200 million investment from the Saudi Research and Marketing Group. "It was like, 'Wow, the business must be doing well.'". eventCategory: event.slot.getSlotElementId(), However, no such tweet activity or other proof to substatiate these claims have been added in the article. The mood at Rolling Stone was dire when Penske started circling the publication in 2017. However, there is no proof for the allegations, and they are completely based on assumptions. "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. 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. Hes super-close to his dad, Mr. Loeb said. But outside the company, Penske was building a different kind of reputation. document.querySelector("#ads").addEventListener('click',function(){ "There was a concern about the danger of employees slipping on wet floors, and Jay saw this as a serious issue," the source close to the company said. FN parent Penske Media Corp. (PMC) is making another major move. },false) 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. Rolling Stone founder Jann Wenner's infamous email tirades laid bare his mounting fear that his once top-shelf publication, which had been slow to adapt to digital, would make its way into the bargain bin. You need people for covers. 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. Family vacations took place at Deer Valley in Utah, a ski resort that was partly owned by his father from 1987 to 2017. 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 2007, with the investor Steve Luczo, he started an IndyCar team, Luczo Dragon Racing. He is the Chairman and CEO of Penske Media Corporation, a digital media and publishing company he founded in 2004. 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." The Brothers Penske were apprehended at 2 a.m. on Thursday after a report of assault and battery (plus peeing) and what sounds like a terrible, wild night: One of the women claimed the Penske . ET. While he has not mentioned his siblings. His father was awarded a Presidential Medal by Donald Trump in 2019. Jann Wenner, who founded the . TV & Movies. ", Another veteran media executive put it more bluntly: "He doesn't strive for greatness. 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 . "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. Maybe he recognized their commercial value, or maybe he came to appreciate their content. His dad could have written that check in a heartbeat. [15] For 2010, Penske's racing team had former Indy Lights champion Raphael Matos behind the wheel of the HP #2 car for the full Indycar Series circuit of events. An application has surfaced at the Department of City Planning seeking to grant the. 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. 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. }); Guests including Penske were treated to performances by John Legend and Norah Jones and meals by Michelin-starred chefs. Rolling Stone readers and Twitter users seemed much less concerned on Friday about the relationships of PACS or articles specifically crafted to defame them than they did about the Trump and Saudi ties of Penske. 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. The upstart publications Puck and The Ankler pose a new threat to Penske Medias hold on entertainment coverage. 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. ", To this day, observers inside and outside the company say that Penske has a penchant for collecting what one former employee called "brands that help build his persona. Rolling Stone - Page 6988 - Music, Film, TV and Political News Coverage. (The woman was, indeed, white.). It led to the birth of the hashtag #BoycottRollingStone and sparked much controversy on social media. And in 2013, he settled down and had a daughter with Elaine Irwin, a former supermodel and ex-wife of John Mellencamp. Another writer explained: "He has this vibe of the 'benevolent billionaire' guy, [but] there are people who are skeptical. Early life and education [ edit] We will not be threatened by these mob-style tactics and will continue to keep you up-to-date," they added. But except for his own Formula E team, Dragon Racing, Penske's tastes never did have much in common with his father's. But some lower-tier employees, past and present, have found Penske's generosity less convincing. The veteran media executive called the purchase "a validation of his self-worth." Penske Corp organization profile: contributions by party of recipient, by source of funds, and affiliates. Business Insider interviewed more than 30 of Penske's current and former executives, editorial staffers, and media industry peers about the press-shy CEO. eventCategory: event.slot.getSlotElementId(), "He sees himself as a self-made man.". In some articles, the Penske outlets mistakenly reported that his company had received money from the Saudi Public Investment Fund, which is overseen by Prince Mohammed, rather than the Saudi Research and Media Group. [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. ", "I do think that Jay likes being at the center of these industries in a way that gives him the appearance of power," one Hollywood industry source who knows Penske told Business Insider. The Penskes were locked in a police station cell, only to be released soon afterward. https://www.nytimes.com/2022/03/26/style/jay-penske.html, Illustration by Tom Hodgkinson; David M. Benett/Getty Images (Jay Penske). She started a new blog and used it to refer to him as Little Lord Fauntleroy. After mediation with Mr. Penske, she shut down the site; since then, she has not reported on the entertainment industry. Jay Penske, the son of longtime IndyCar and NASCAR team owner Roger Penske, was said to have been arrested with his older brother Mark, with the local Nantucket Inquirer and Mirror reporting that . Read more:Inside the launch of Sportico, Penske Media's new sports-business brand that fast-tracked its debut as live sports shut down, "Rolling Stone was when [Penske] was like, 'OK, I did it Now we can start moving into consumer,'" Connelly said, adding that it "was our first big consumer play to diversify our portfolio.". 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