As an internet entrepreneur, one of the things you have to do is check out the competition. Many of the brands within Penske Media Corporation’s (PMC) portfolio are some of my favorite brands on the web, especially Deadline which has been an inspiration to me over the last decade.
PMC manages more than 20 different brands in its portfolio.
The company was founded by Jay Penske in 2003. Its first major acquisition was Mail.com. The company provided email services on Mail.com while acquiring popular digital media brands on the internet. By 2008, the company received $35 million in equity from a private fund.
In October 2012, the company made one of its greatest acquisitions with Variety Inc. including the digital website and the print Variety magazine for $25 million. PMC made some dynamic changes. It decided to discontinue the print version, as many other publications were doing in this time period of transitioning print media to digital media. The company also eliminated the website’s paywall.
In 2014, PMC acquired Fairchild Fashion Media for around $100 million. The deal included the ownership of Women’s Wear Daily (WWD), Footwear News, Beauty Inc. and several others.
In 2016, PMC acquired Indiewire, an independent film and television platform from Snag Films, for an undisclosed amount.
In 2018, the company acquired a major stake in Rolling Stone magazine. They also acquired popular brands like SHE Media, Sourcing Journal, Art in America and ARTnews. As of 2020, the company has The Hollywood Reporter and Billboard magazine.
I have been a fan of several of these publications throughout my life. I have been a dedicated reader for many of these brands, and they are partly responsible for developing my interest in digital media.
Initially, I thought that all these brands were competitors with each other. Prior to their acquisition by PMC, these digital media platforms were competing with each other but now they are associate organizations.
While some of the brands cover similar topics, I understand why PMC would be interested in acquiring them all. Each of these publications have their own unique spin on the stories of today. Therefore, readers who prefer a particular slant in their media can find a brand of interest in the PMC portfolio that matches their interest. For example, I have been a fan of Deadline for many years, especially during my time as a theatre actor. I appreciated how the publication placed emphasis on the actors, production crew and all other elements of performance art when writing and publishing their stories. If you read Variety or Rolling Stone you may find the same stories but they are written and published from a different perspective.
Arts Tribune takes a unique slant as well. We look at the arts from an industry perspective, highlighting both the creativity and the impact it has on the real world. Arts Tribune publishes news, arts criticism, promotion and appreciation.
I’ve learned from PMC that in digital media you do not have to reinvent the wheel. Sometimes you just need to make a slight adjustment with your brand and content in order to reach new audiences.