This story is available exclusively to Business Insider subscribers.Jay Penske, the son of the billionaire automobile tycoon Roger Penske, has turned his company, PMC, into the country's second-most-visited digital publisher.
In 2018, Penske faced criticism for accepting a $200 million investment from the Saudi Research and Marketing Group. This past June, Ben Affleck Business Insider interviewed more than 30 of Penske's current and former executives, editorial staffers, and media industry peers about the press-shy CEO. Many requested to remain anonymous for fear of repercussions from the company. These conversations revealed an eccentric and dynamic entrepreneur determined to defy the odds in publishing and to prove himself outside of his family name.
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. The fund has allocated over $250,000 in direct aid to employees who have been affected by the pandemic this year, a source close to the company said.
"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. "He would have temper tantrums," one former executive said. "Jay didn't have a lot of experience in life not getting what he wanted." The office's new design featured entrances outfitted floor to ceiling with expensive, pale Belgian wood. Shortly after the grand opening, employees trudged in from a rainstorm with dirty boots and umbrellas, muddying the pristine floors.
"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."In 2009, Gawker wrote about Penske's "quest for elegance," quoting an associate as saying Penske "wants to be a modern day Si Newhouse; he wants to have a glamorous publishing company.
An employee at The Hollywood Reporter said that Penske "really did his homework" before the PMRC deal went through. But multiple sources said that despite the growing roster, Rolling Stone remained Penske's crown jewel.. The UVA reporting scandal had cost the publication $4.65 million in damages and an incalculable reputational blow. 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.
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