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What is Jay Penske’s net worth?
Jay Penske is an American media and publishing entrepreneur who has a net worth of $250 million. Jay is the founder and CEO of the Penske Media Corporation (PMC) which owns dozens of outstanding publications, together with:
- Variety
- Deadline
- Rolling Stone
- Artnews
- Robb Report
- Dirt.com
- Women’s Wear Daily
PMC can also be the bulk proprietor of the annual South by Southwest music, movie and know-how pageant.
Early Life
Jay Penske was born in New York City in 1979. Jay is one in all 5 youngsters born to Roger Penske, the multi-billionaire founding father of the Penske Corporation. The Penske empire is huge. The largest and most public holdings are the publicly traded Penske Automotive Group, which owns the ever present orange rental vans that dot American highways (there are over 360,000 vans within the fleet), the Indianapolis Motor Speedway and IndyCar racing. There are dozens of extra automotive-related enterprise ventures underneath the Pensky company umbrella.
Jay is one in all three youngsters born to Kathy Pensky, Roger’s second spouse. Roger has two youngsters from a earlier marriage. The family lived in New Jersey, New York City and the Detroit suburbs the place his father’s enterprise is headquartered and the place Jay graduated from St. Mary’s Preparatory.
Education
He was a standout lacrosse participant for St. Mary’s, setting information for many targets, assists, and factors in class historical past. He was named Player of the Year by USA Today and was an All-American in 2017. He is the one participant in lacrosse historical past to common 10 factors per recreation and to attain greater than 200 factors in a single season.
After highschool Jay enrolled on the University of Pennsylvania’s Wharton School. He graduated in 2001 with a Bachelor of Science in Finance and Management Information Systems.
Firefly Mobile
After graduating from college, Jay co-founded Firefly Mobile, Inc. a wi-fi firm that developed telephones for kids. One of the corporate’s earliest merchandise received an innovation award at CES 2006.
Today Jay might be most well-known for being the founder, Chairman, and CEO of digital media and publishing firm Penske Media Corporation (PMC).
Founded in 2003 as Velocity Services, Inc., one of many firm’s first acquisitions was the area identify Mail.com. Upon this buy, the corporate identify was modified to Mail.com Media Corporation (MMC). In 2010 the Mail.com area and e mail portal enterprise was offered to a German firm, yielding a reported $50 – 100 million revenue.
Deadline: In 2009 he bought the web site Deadline Hollywood Daily, which right this moment is healthier often known as Deadline.com.
Variety: In October 2012, Jay used a $26 million mortgage from hedge fund billionaire Dan Loeb to finance the acquisition of Variety Magazine.
WWD: In 2014, the newly named Penkse Media Corporation (PMC) paid $100 million to Conde Nast to amass its Fairfield Fashion Media division, which included publications Women’s Wear Daily and Footwear News.
Rolling Stone: In January 2017, PMC purchased 51% of Rolling Stone journal from the publication’s founder Jann Wenner for an undisclosed quantity. In 2019 it purchased Jann’s remaining 49%.
In February 2019, PMC took on a $200 million funding from the Saudi Research and Media Group. The firm used this injection to finance the beforehand talked about 49% buy of Rolling Stone.
Hollywood Reporter: In 2020, PMC purchased 80% of father or mother firm of The Hollywood Reporter, Vibe and Billboard.
South by Southwest:Â In April 2021, PMC purchased a majority possession stake within the South by Southwest music, movie and know-how pageant that takes place yearly in Austin.
(Photo by David M. Benett/Dave Benett/Getty Images)
Personal Life
In October 2012 Jay proposed to mannequin Elaine Irwin. They are married and have a daughter. Before her marriage to Penske, Elaine was married to rock musician John Mellencamp for 18 years. They married when she was 23 years previous, simply 10 weeks after the primary met when she was employed to seem on his album cowl and in a music video. Elaine and John have two youngsters.
Real Estate
Jay, Elaine and their family reside in LA’s Pacific Palisades neighborhood. They personal an residence in Manhattan and a non-public island within the Bahamas.
In 2015 they offered a house in Bel-Air for $7.25 million. According to actual property information, Jay appeared to have purchased the property the place this residence sits again in 2003 for $1.95 million.
In 2017 Jay and Elaine pad $6.3 million for what had beforehand been a Black church in Venice, California. After submitting plans to show the church into a non-public residence they met fierce protest. They in the end withdrew their plans and offered the property.
All web worths are calculated utilizing information drawn from public sources. When offered, we additionally incorporate personal ideas and suggestions acquired from the celebrities or their representatives. While we work diligently to make sure that our numbers are as correct as attainable, except in any other case indicated they’re solely estimates. We welcome all corrections and suggestions utilizing the button under.
