Penske Media Corporation Acquires Top Art Publications
Penske Media Corporation, Rolling Stone‘s parent company, has acquired two of the leading art world publications, ARTnews and Art in America as part of an overall acquisition of Art Media Holdings, LLC. The sale also includes The Magazine Antiques and Modern Magazine.
“For more than a century ARTnews and Art in America have been leaders in breaking news and commentary on the art world,” said PMC Chairman and CEO Jay Penske. “To welcome these fine publications, whose editorial heritage I have long admired, is not only a remarkable opportunity but also a great honor. This purchase continues PMC’s strategy of investing in businesses with great vertical depth, and we plan to rapidly build upon their editorial foundation while extending their presence across the web, video, and international markets.”
Founded in 1902, ARTnews is the most highly circulated contemporary art magazine in the world and features a daily news coverage, along with investigative reports, exhibition reviews and profiles of artists and collectors. Art in America, meanwhile, was founded in 1913 and has been one of the leading voices in art criticism among artists, curators and collectors.
PMC laid out its plans for its new publications in a press release, saying it “sees the opportunity to augment these exceptional brands with further investments in content and editorial, complimented by robust data and analytic tools, and growing an engaging live media and event business.”
The Art Media Holdings publications join Penske’s portfolio of brands, which includes Rolling Stone, Variety, Deadline and IndieWire. In July, PMC also announced an investment in BuzzAngle Music, a state-of-the-art analytics service that has changed the way businesses analyze music consumption and related trends.
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