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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. The new entity will be called PMRC.
"When Jay came in, it was like the cavalry arriving," one editor who experienced PMC's 2012 Variety acquisition said. 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.
Elaine Irwin and Jay Penske attend the Ralph Lauren 50th anniversary show during New York Fashion Week at Bethesda Terrace on September 7, 2018 in New York City.But some lower-tier employees, past and present, have found Penske's generosity less convincing. 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.
"There was a rumor," said another former Women's Wear Daily employee, "that he would come around at night and Post-it items he didn't like." 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.
Isaac Lee, who worked with Penske on a partnership between PMC and Univision, recalled his team's surprise when Penske jumped into the conversation speaking perfect Spanish. But others insist that his knowledge and appreciation of new brands he brings on is too extensive to be superficial. 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. 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.
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