As a subscriber, you have 10 gift articles to give each month. Childhood And Education On May 5, 1979, Jay Penske was born in New York City to his father, Roger Penske (founder of the automotive agglomerate Penske Corporation) and Kathy Penske (an English teacher). 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. An application has surfaced at the Department of City Planning seeking to grant the. Jay Penske, 33, and Mark Penske, 35, were arrested shortly before 2 a.m. window.googletag.cmd.push(function() { Others who have worked more closely with Penske said that despite his friendly public image, he could be "intense," as one source said, and occasionally susceptible to sudden bouts of rage. The store, with its 18th-century French mantel, wood paneling and Doric columns, became a favorite of antiquarian book lovers. Advertising, sponsored content, and subscription fees generate revenue. An employee at The Hollywood Reporter said that Penske "really did his homework" before the PMRC deal went through. 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. Due to issues with the Lotus engines[16] Dragon Racing switched to Chevrolet for the Indy 500. 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. 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. 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.". 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.. "He was very keen to go around saying he owned Rolling Stone," one current Rolling Stone writer said. eventAction: 'click_adunit' 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. Jay turned and continued to urinate on her boots, the report said. When Penske stepped in to bid on a controlling stake in Rolling Stone for a reported $51 million, there was little left for the staff to feel but relief. [3] In 1997, he set the school records for the most goals, assists, and total points in lacrosse in the school's history, after which they retired his number in the school gymnasium. With Mr. Penskes entree into the media business came media attention. Why Does Jay Penske's Media Company Still Have a $200 Million Saudi Stake 9 Months After Khashoggi's Murder? We are one of the worlds fastest growing A representative for Penske Media did not immediately return a request for comment. eventCategory: event.slot.getSlotElementId(), }) MEAWW brings you the best content from its global team of Jay has been by far the best owner Ive worked under at The Hollywood Reporter, said Ms. Siegel, who joined the magazine in 2003. Some have speculated that Penske will concentrate on international expansion. 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. Penske also played hockey and earned All-Region and All-State honors. 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. https://www.nytimes.com/2022/03/26/style/jay-penske.html, Illustration by Tom Hodgkinson; David M. Benett/Getty Images (Jay Penske). ALEXEY NIKOLSKY/SPUTNIK/AFP via Getty Images, NOW WATCH: WATCH: Meet the last family practicing this 400-year-old Indian art form, Visit Business Insider's homepage for more stories, When Penske stepped in to bid on a controlling stake in Rolling Stone, Inside the launch of Sportico, Penske Media's new sports-business brand that fast-tracked its debut as live sports shut down. In 2009, he dove into publishing with the purchase of Deadline. Guests including Penske were treated to performances by John Legend and Norah Jones and meals by Michelin-starred chefs. . And in 2013, he settled down and had a daughter with Elaine Irwin, a former supermodel and ex-wife of John Mellencamp. 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. The post also shone a light on a topic very familiar to readers of TheWrap: A $200 million investment by a Saudi Arabian public fund Penske accepted in 2018. Today PMC's brands reach a monthly audience of almost 120 million readers nationwide, and it is expected to add another 40 million monthly readers from The Hollywood Reporter, Billboard, and Vibe. eventCategory: event.slot.getSlotElementId(), He is co-owner of Luczo Dragon Racing, a very successful IndyCar Series racing team. "There's a performative sheen to everything he does," a writer at one of PMC's major publications said, referring to his effusive town halls and staffwide emails. Perhaps Penske's most controversial move was his decision in 2018 to accept a $200 million investment from the Saudi Research and Marketing Group, a company with complex financial ties to the Saudi government. View details Hide details. "But he's grown up.". }) },false) hitType: 'event', The latest iteration of the festival, which is in Austin, Texas, included concerts hosted by Rolling Stone and live episodes of podcasts from The Hollywood Reporter and Deadline. This spring, readers will be able to purchase Rolling Stone-branded beer. ET. After acquiring Variety, he continued his spree, picking up faded properties at bargain-bin prices. He was entering the most uncharted waters in American history. One of Penske's signature policies is scheduling 15-minute meetings with each staff member of a newly acquired publication "even the mailroom people," according to one former Rolling Stone employee. When Penske, who had a first-class ticket, discovered that Anderson had an undesirable seat in the middle of the back row of the plane, he insisted on trading places. 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 . SIGN UP FOR OUR FREE DAILY NEWSLETTER, FIRST TAKE. "Jay is a high-profile GOP donor who fired tenured and experienced journalists, then hired hacks to write tabloid level pieces that leaned so far to the right, he was awarded a Presidential Medal. The gossip site Gawker took notice of him at age 30 he was seen at parties in the company of the Benihana heiress Devon Aoki and labeled him the hard-partying Si Newhouse Wannabe of Bel Air, a reference to the longtime Cond Nast chairman. One such event played out in public this summer when Sharon Waxman, the founder of The Wrap, published a furious email she'd received from Penske. The visit took place during an eventful time for Mr. Penske. Penske assists the charitable trust organization the Paley Center for Media, where he sits on the Board of Directors. Despite trying to keep a low profile, Penske has faced criticism for accepting a $200 million investment from the Saudi Research and Marketing Group and planning to turn a historical Black church in Los Angeles into his family's megamansion. Jordan Klepper on Guns, Trump, The Right Vs. Left and Lessons Learned from Jon Stewart. stuff floating on top of boiled water. He didnt hold himself entirely aloof from his fathers world. [6] He is on the board of the Entrepreneurial School at the Wharton School as of 2007,[6] and is also a member of the University of Pennsylvania Library's Board of Directors. Jay Penske has not provided any of his birth details. Jay is the youngest son of Roger Penske. 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. There was kitesurfing on turquoise waters and test-driving $300,000 McLarens in the desert. The source close to the company explained that "PMC's facilities team has a Clean Desk Policy so that they are able to wipe down and disinfect all employees' work surfaces once a month as part of this policy, employees are asked to remove as much as possible from their desks so the cleaners complete the work.". While election cycles are shown in charts as 1996, 1998, 2000 etc. The fathers success made the Penske name all but inescapable. Its the time of year when Disney and Netflix, along with the other studios and streamers, demonstrate their love for the talent by spending millions on For Your Consideration ads in Variety, The Hollywood Reporter and Deadline, as well as the niche outlets Gold Derby, IndieWire and TVLine. 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. Maybe he recognized their commercial value, or maybe he came to appreciate their content. The blog post showed a photo of Jay Penske in the Oval Office when Trump bestowed the medal of freedom on his father Roger. One employee at The Hollywood Reporter said some staffers felt ill at ease following the PMRC announcement. ga('ads.send', { }); And sources say the acquisition spree is unlikely to stop anytime soon. 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. The veteran Hollywood executive Sandy Climan put him in touch with Daniel S. Loeb, a hedge fund investor, and the two hit it off over breakfast at the Montage Beverly Hills. YOU'VE REACHED YOUR MONTHLY ARTICLE LIMIT. john 20:24 29 devotion. 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. Over the past 16 years, Penske, 41, the youngest son of the automobile tycoon Roger Penske, has quietly built a media empire, amassing more than 20 titles. His father was awarded a Presidential Medal by Donald Trump in 2019. PMC's brands and live events now reach more than 340 million people each month, making PMC one of the largest media and publishing companies in the world. The office's new design featured entrances outfitted floor to ceiling with expensive, pale Belgian wood. Penske Automotive Group (Michigan & Pennsylvania) Founder and CEO Roger Penske is a major donor to Michigan Republicans and was awarded with a Presidential Medal of Freedom from Trump in 2019 . In addition to Rolling Stone, the younger Penskes company, Penske Media, also owns Hollywood publications Variety, Deadline, Billboard and The Hollywood Reporter. 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. Penske Media Silent on $200 Million Saudi Investment After Jamal Khashoggi's Disappearance. [6][14] The team name is derived from Penske's love of books and business interest Dragon Books, Ltd., and his partner's last name. [4] During his final season of lacrosse Penske broke Michael Powell's record of 194 points with 202 points in a single season. The church is the First Baptist Church of Venice, now owned by Jay Penske, the son of automotive billionaire Roger Penske. document.querySelector("#ads").addEventListener('click',function(){ Party politics of Thomas Jefferson. 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. 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. Sources said he regularly greets employees in the hallways by asking for updates on projects they're surprised he's even aware of. The charges were later dismissed in court. 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. After completing his undergrad at Wharton, he left behind the Jay Penske Rare Book Fund to support the acquisition of rare scholarly materials. Well, isnt that a coincidence. When it came to Halloween, however, everyone was a VIP in Penske's world. The event overlapped with Prince Mohammed's massive initiative to turn the Red Sea into the next luxury playground for global elites. Other parties have occasionally challenged the Democrats and Republicans. (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.). FN parent Penske Media Corp. (PMC) is making another major move. Jay Penske is Chairman/CEO/Founder at Penske Media Corp. See Jay Penske's compensation, career history, education, & memberships. 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. #BoycottRollingStone. But while he made headlines, his company made money. Ms. Siegels contract included a noncompete clause, and Mr. Penske held her to it. The company said late today it is investing in Vox Media, owner of Vox, New York Magazine, The Cut, Eater, Thrillist, Popsugar and . Still, he hasn't totally lost his ability to stir up gossip. Well, isnt that a coincidence. It has spent $300m on some 20 acquisitions in the past 12 years. let gads_event; ", "At that point I thought, 'He fundamentally doesn't understand media. Perez's F1 Win in Singapore Postpones Title Party. The addition of South by Southwest has given him another way to promote all things Penske. 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." "It's BULLSHIT," Penske wrote to Waxman about her story, "and you should really be embarrassed.". }); Shortly after the grand opening, employees trudged in from a rainstorm with dirty boots and umbrellas, muddying the pristine floors. It is unclear what role each Wenner will play after that. 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. While a serial prep-school expellee, he became a serious reader of 19th-century novels, he wrote of Mr. Penske. This was in the middle of the pandemic, and so I thought, Wow, this guy is serious! said Datwon Thomas, the editor in chief of Vibe. PMC has disclosed the small minority investment from SRMG to all of its stakeholders and brands, a Penske Media spokeswoman said in a statement. Jay knew a lot about me and my background, he said, and he knew a lot about Vibe. Four other Penske Media employees said that Mr. Penske makes a practice of meeting with each of his new employees soon after acquiring a property. PMC's purchase entailed a three-year runway for the Wenners to stay at the publication that expires this winter, according to several sources. But that Hollywood Reporter employee also said that in today's media landscape, it's all relative. 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. All 3 outlets attempted to dissuade people from watching #QIntoTheStorm, claiming it doesnt matter who Q is. He is the Chairman and CEO of Penske Media Corporation, a digital media and publishing company he founded in 2004. After the woman alerted the police, the brothers apparently tried to flee.. Feb. 6, 2023 4:39 PM PT. Trending. ", 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. He was additionally recognized repeatedly as both a 30 Under 30 and Under 40 Success Story from his alma mater. He still has emails printed out for him.". hitType: 'event', ga('ads.send', { 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. Up until a decade ago, Jay Penske was one of many scions looking to move upward in Los Angeles. "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. hitType: 'event', 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. 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 patriarchs neck. document.querySelector("#google_image_div").addEventListener('click',function(){ 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. Owning all of these publications makes him a must-know.. 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. This January, the community's appeal to stop construction was denied. }); On September 23, Penske Media Corporation, or PMC, which owns Rolling Stone, Variety, and Women's Wear Daily, announced it would take control of The Hollywood Reporter, Billboard, and Vibe as part of a joint venture with the entertainment company MRC. . Hes super-close to his dad, Mr. Loeb said. Mr. Penske, a 43-year-old son of a billionaire, has expanded his company greatly in the last few years, pulling off a series of buy-low acquisitions that have turned him into a behind-the-scenes power broker. #BoycottRollingStone pic.twitter.com/eF42EjLf8K, Let me get this straight arguably one of the most successful anti-Trump groups of 2020, @MeidasTouch, is now being attacked in a Rolling Stone hit pieceWho owns the @RollingStone? For now, under Gus Wenner's supervision, the brand is ramping up its multimedia content with audiobook, film, and TV partnerships, as well as licensing deals some things that his father scoffed at years ago. 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. Now Jay Penske can lay claim to the second-largest audience in digital publishing in the US. eventCategory: event.slot.getSlotElementId(), The hashtag #BoycottRollingStone trended on Twitter Friday after a blog post highlighted the ties that Jay Penske, the owner of the magazines parent company Penske Media, has with the Saudi Arabian government. [28], He became engaged to Elaine Irwin, the model and former wife of musician John Mellencamp, in October 2012. Vs. Left and Lessons Learned from Jon Stewart post showed a photo of Jay Penske was one of worlds. By asking for updates on projects they 're surprised he 's even of! Floor to ceiling with expensive, pale Belgian wood and continued to urinate on her boots the. An eventful time for Mr. Penske held her to it to appreciate their.... Time for Mr. Penske unlikely to stop construction was denied the church is FIRST..., according to several sources with Mr. Penskes entree into the next luxury playground for global elites favorite... 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