Penske Media Corporation
Penske Media Corporation — the parent company of Billboard, The Hollywood Reporter, Variety, Rolling Stone and other publications — has made a strategic investment in Vox Media, it was announced Monday (Feb. 6). Vox Media owns brands including Vox, New York Magazine, The Verge, The Cut, Eater, Vulture, The Strategist, Polygon, SB Nation, Intelligencer, Curbed, Grub Street, Recode, Thrillist, Popsugar, The Dodo and NowThis.
With the investment, Penske Media is now Vox Media’s largest shareholder and Penske CEO/founder Jay Penske will join Vox’s board of directors. The two companies will continue to operate independently.
Terms of the deal were not disclosed.
“I have long admired Vox Media’s world-class editorial teams and brands,” said Penske in a statement. “We deeply respect the track record of both Jim Bankoff and the senior leadership team at Vox Media, and the company’s remarkable growth over the last decade. The Penske Media and Vox Media alliance will further cement both companies as leaders in modern media and take advantage of new opportunities at scale. Our two companies share a similar history of organic and acquisitive growth over time, and it made sense to invest for the future.”
“We couldn’t ask for a better partner than Jay and Penske Media to invest in our company’s future success, and help us build on and accelerate the leading creative and business strength across our organization,” added Vox Media co-founder/CEO/chair Jim Bankoff. “In addition, this investment by Penske Media will allow Vox Media to continue scaling its existing brands and operations, while providing resources for future acquisitions, and is another step forward in the ongoing ascent of Vox Media.”
LionTree acted as a financial advisor to Vox Media, while White & Case served as its outside legal advisor. Morgan Lewis was Penske Media’s legal advisor, in addition to Panarae Group, which acted as a corporate advisor.
Penske Media Eldridge — a Penske Media Corporation (PMC) subsidiary and joint venture between PMC and Eldrige — has acquired Dick Clark Productions (dcp), it was announced Wednesday (Jan. 25). PMC is the parent company of Billboard.
The acquisition of the live events and alternative media producer was made as part of a broader strategic alliance between PMC and Eldridge, expanding the latter’s existing partnership with PMC’s entertainment media brands and SXSW, including the SXSW festival, Life is Beautiful, ATX TV festival and LA3C.
Founded in 1957, dcp owns and produces a number of TV’s most enduring awards shows, including the Golden Globe Awards, the American Music Awards, the Academy of Country Music Awards and the Billboard Music Awards. It also produces shows including Dick Clark’s New Year’s Rockin’ Eve and So You Think You Can Dance (in partnership with 19 Entertainment).
Penske Media Eldridge will assume full control of dcp’s operations in the coming weeks. As part of the deal, Adam Stotsky will step down as dcp president following a transition period.
“I am thrilled to expand our partnership with Eldridge and Todd,” said Jay Penske, CEO and founder of Penske Media. “I have long admired dcp’s portfolio of iconic and prominent live entertainment brands and look forward to growing and evolving dcp’s footprint and legacy for future audiences across all platforms.”
“At Eldridge, we seek to grow businesses that stand the test of time,” added Eldridge chairman and CEO Todd Boehly. “Our decision to build upon our partnership with Penske Media, with whom we already have a deep alliance around media and publishing, is in service to that goal – so dcp may continue to flourish for many decades to come.”
Penske Media Corporation (PMC) has hired Hannah Woodard as senior director of communications, the company announced Wednesday (Jan. 25). Based in Los Angeles, Woodard will report to PMC’s vp of public affairs and strategy Brooke Jaffe.
In her new role, Woodard will direct communications for PMC’s roster of entertainment and music brands, including Billboard, Rolling Stone, The Hollywood Reporter and Vibe. She will advise on and implement brand strategies, collaborate with leadership teams on partnerships and events and execute ideas for development and growth.
Prior to joining PMC, Woodard owned and operated her own public relations firm, WDRDPR, which she launched in May 2021. Before that, she worked at R&CPMK (formerly PMK*BNC) for five years, during which she straddled the brand and talent departments and worked with clients including Audi of America, American Express Platinum, Anheuser-Busch, AT&T DirecTV, Pepsi, Vice Media Group and Quibi. Prior to relocating to Los Angeles, she worked at IMPACT (formerly Pfeiffer Consulting), Scott Rudin Productions and Sunshine Sachs Morgan & Lylis (formerly Sunshine Sachs) in New York City.
“We are thrilled to have Hannah join our team,” said Jaffe in a statement. “Hannah brings a unique combination of experience, creativity and enthusiasm to the role. I look forward to watching her amplify these world class brands.”
“With a roster of such incredible, celebrated brands, the possibilities are endless,” Woodard added. “I’m thrilled to jump in and work alongside such talented writers, editors, and respected institutions that have shaped — and continue to shape — the wide world of entertainment and music.”
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