He holds an American nationality and practices Christianity. jay penske political affiliation. 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. You don't need glory to make money.". Business Insider interviewed more than 30 of Penske's current and former executives, editorial staffers, and media industry peers about the press-shy CEO. Along the way Mr. Penske added ARTnews, Art in America, Dirt, Beauty Inc. and Spy. [4] During his final season of lacrosse Penske broke Michael Powell's record of 194 points with 202 points in a single season. Jay Penske is an American media and publishing entrepreneur and auto racing team owner. [28], He became engaged to Elaine Irwin, the model and former wife of musician John Mellencamp, in October 2012. As The Inquirer and Mirror reported, the brothers escaped into the club's private building (they were not members), and Jay Penske was heard shouting at the woman, "You're not white enough!" Many requested to remain anonymous for fear of repercussions from the company. He is the Chairman and CEO of Penske Media Corporation, a digital media and publishing company he founded in 2004. [8] Penske also owns Dragon Books, Ltd., a Los Angeles-based used bookstore which sells rare and collectible books which opened for business in 1999. He prefers to let the brands speak for themselves, a Penske Media spokeswoman said. Any statement to the contrary is purely an attempt to create a false narrative. 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." And those who work alongside Penske say they are willing to overlook his foibles if it means they stay employed during a time when other media companies are struggling to survive the collapse of traditional ad-based revenue models. document.querySelector("#google_image_div").addEventListener('click',function(){ 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. 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.". ", The former executive said that PMC leadership tried to hire an executive coach for Penske, who would oscillate between micromanaging and disappearing for weeks at time, but "he completely rejected it. Still, Sunday is going to be a long day. 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. Also Read: Why Does Jay Penske's Media Company Still Have a $200 Million Saudi Stake 9 Months After Khashoggi's Murder? Rolling Stone - Page 6988 - Music, Film, TV and Political News Coverage. The investment became a point of contention later that year, when Jamal Khashoggi, a critic of the Saudi government who wrote a regular opinion column for The Washington Post, was murdered and dismembered in a Saudi consulate office in Turkey. And He's Fine With That", "Jay Penske founded Penske Media Group to acquire Conde Nast's Fairchild Fashion Media - The Business Journals", "Dragon Racing sues Lotus over engine deal", "Dragon's switch to Chevrolet engines approved by IndyCar", "Dragon Racing joins FIA Formula E Championship", "The 2010 International Best-Dressed List", "Elaine Irwin, John Mellencamp's Ex, Engaged to Jay Penske, Media Mogul", https://en.wikipedia.org/w/index.php?title=Jay_Penske&oldid=1134521418, Wharton School of the University of Pennsylvania alumni, Pages using infobox person with multiple parents, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 19 January 2023, at 02:58. In addition to the Hollywood trades, he owns Rolling Stone, Billboard, Vibe and Womens Wear Daily, and he has a controlling stake in the annual South by Southwest festival. 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 . "It's BULLSHIT," Penske wrote to Waxman about her story, "and you should really be embarrassed.". 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. Penske was added to the Paley Board in 2015 along with Yannick Bollore, Chairman and CEO, Havas and Devin Wenig, the CEO of eBay. window.googletag.pubads().addEventListener('slotRenderEnded', function(event) { Another writer explained: "He has this vibe of the 'benevolent billionaire' guy, [but] there are people who are skeptical. "Jay's always had a deep, rich love of history," Davis said. Jay showed signs that he would go his own way not long after his 2001 graduation from the Wharton School of the University of Pennsylvania. He also bought promising URLs, including Mail.com, which he built into an email portal business and eventually sold at a profit. Wharton School of the University of Pennsylvania, "He has movie-star good looks, a former Victoria's Secret model wife, and a billionaire father. He keeps an apartment in New York and recently bought a private island in the Bahamas. expand_more. eventCategory: event.slot.getSlotElementId(), In 2003, Jay Penske founded Mail. These claims have been made by Hill Reporter in an article titled 'The Demise of Rolling Stone: How A Legendary Magazine Sold Out to Trump and the Saudis' and there is no proof for the allegations, as of now. He shelved each book himself, and he often mans the cash register.. Ten Penske Media employees interviewed for this article describe their boss as someone who stepped up for publications in trouble. In March, while other companies furloughed staffers, Penske promoted the company's so-called Angel Fund, a long-standing program built to assist employees with needs that arise from circumstances beyond their control. enrique iglesias sister; salt lake city to st george road trip; madeira safe covid test. Other parties have occasionally challenged the Democrats and Republicans. The Hollywood Reporter, a Variety competitor, came aboard in 2020. }); 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. While he belongs to the Caucasian ethnicity. "Jay leads with his heart," said Michael Davis, PMC's former chief of video, adding that Penske has "great intentions" in the way "he takes care of his employees, business, and community. }); Rolling Stone magazine is being linked to former president Donald Trump and the Saudi government in an unconfirmed expose by a newspaper. The elder Penskes company, Penske Corp, gave $676,000 in donations to Republican candidates in the 2020 election cycle, according to Opensecrets.org. Some have speculated that Penske will concentrate on international expansion. The former executive recalled the early days of PMC when he opted to use the full name, Penske Media Corporation, in his email signature for the name recognition. He has since sold the property. 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. A few months later, PMC picked up its first major legacy brand, Variety, for a reported $25 million. The year 2012 was also when he got arrested in Nantucket. Mr. Penske has not spoken publicly of that night and has kept his silence when faced with public criticism in other instances. He still has emails printed out for him.". 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.. April 5, 2013, 7:54am. Many of PMC's journalists some of whom had been outspoken critics of the Saudi government have found the whole affair, from the initial investment to the secretive yacht party, unsettling. ga('create', 'UA-67136960-15', 'auto', 'ads'); "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. Guess who owns Penske? The Demise of Rolling Stone: How A Legendary Magazine Sold Out to Trump and the Saudis https://t.co/eYsWb7kd0K, Does Lou Holtz deserve Presidential Medal of Freedom? 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. Jay Penske officially has a fight on his hands over the future of the First Baptist Church in Venice. That told me everything I needed to know, said Mr. Fleming, who is now Deadlines co-editor-in-chief with Ms. Andreeva. 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. 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. Jay grew up with great wealth, but in L.A. there are rooms that are not open to just any rich guy, said Matthew Belloni, who leads entertainment industry coverage for a new publication, Puck, and who was the top editor of The Hollywood Reporter before Mr. Penske took over. }); eventAction: 'load' On September 23, Penske Media Corporation, or PMC, which owns Rolling Stone, Variety, and Women's. Over in New York, Penske's Variety had filed a separate $10 million lawsuit in May 2013 against Reed for allegedly not disclosing the operating agreement of the BHMG deal, which in Penske's. As a subscriber, you have 10 gift articles to give each month. 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.". 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. CreditIllustration by Tom Hodgkinson; David M. Benett/Getty Images (Jay Penske). One thing I knew from the night I met him in the summer of 2002 was that he was a serious bibliophile.. PMC has gone sector by sector, from Hollywood to fashion to art, scooping up industry and luxury trade publications to build a portfolio that includes titles like WWD, Rolling Stone, Deadline, ArtNews, IndieWire, Variety, and Robb Report. 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