Penske Media Corporation (PMC)

Overview

Penske Media Corporation (PMC) is an American digital media, publishing, and information services company headquartered in Los Angeles and New York, founded and led by Chairman and CEO Jay Penske.

Portfolio

• Variety, Rolling Stone, WWD, Deadline Hollywood, Billboard, The Hollywood Reporter, Vibe, Robb Report, Artforum, ARTnews, IndieWire, Sportico, SHE Media, BGR (Boy Genius Report), and Gold Derby

• PMX, a publishing subsidiary formed in June 2026 that combines PMC's existing titles with brands acquired from Vox Media: The Verge, Eater, SB Nation, POPSUGAR, The Dodo, Punch, and Thrillist, along with Vox Media's Studios and Creative Services businesses, its Concert ad marketplace, and its Forte data platform

• Dick Clark Productions, producer of awards shows including the Golden Globes and the American Music Awards

• A 50% ownership stake in South by Southwest (SXSW)

• Additional live events including the ATX Television Festival, LA3C, Life is Beautiful, and Latin Music Week

Ownership

Jay Penske, founder, Chairman, and CEO, is reported to hold a 60% ownership stake in PMC. Eldridge Industries, the holding company led by Todd Boehly, is another significant investor. In September 2020, PMC formed a joint venture called PMRC with MRC (in which Eldridge then held a stake) to jointly operate The Hollywood Reporter, Billboard, and Vibe alongside PMC's Variety, Rolling Stone, and Music Business Worldwide; according to the New York Post's Media Ink column, PMC paid approximately $225 million for an 80% controlling interest in PMRC, with MRC retaining roughly 20%. In August 2022, Eldridge and MRC split their combined media assets; Eldridge retained Dick Clark Productions, its stake in the Penske Media joint venture, and PMC's investment in South by Southwest, while MRC retained its film, television, and non-fiction studio operations. In January 2023, Eldridge sold Dick Clark Productions to Penske Media Eldridge, a newly formed PMC unit. Saudi Research and Media Group (SRMG), a Saudi government-backed publishing company, invested $200 million in PMC in February 2018. PMC is privately held, with no public share filings available.

History

PMC was founded by Jay Penske in 2004, initially as Mail.com Media Corporation. In October 2012, PMC acquired Variety magazine, Daily Variety, and Variety.com from Reed Business Information (a Reed Elsevier unit) for a reported $25 million, with debt and equity financing provided by affiliates of hedge fund Third Point LLC, and the company was renamed Penske Media Corporation.

In February 2023, PMC invested $100 million in Vox Media, acquiring a 20% stake and becoming Vox Media's largest shareholder; Jay Penske joined Vox Media's board as part of the deal. In May 2026, Vox Media sold New York Magazine, Vox.com, and the Vox Media Podcast Network to James Murdoch's Lupa Systems for a reported price of more than $300 million. On June 18, 2026, PMC acquired Vox Media's remaining brands — The Verge, Eater, SB Nation, POPSUGAR, The Dodo, Punch, and Thrillist, along with its Studios, Creative Services, Concert, and Forte businesses — folding PMC's combined publishing portfolio (more than 25 brands in total) into a newly formed subsidiary, PMX. Former Vox Media president Ryan Pauley was named President of PMX, reporting to Jay Penske and PMC President Craig Perreault.