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Jay Penske

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Jay Penske
Born (1979-05-05) May 5, 1979 (age 47)
New York City, U.S.
EducationWharton School of the University of Pennsylvania (B.S.)
OccupationsEntrepreneur, Media and Live Events Owner, Racer, Philanthropist, and Real Estate Developer
Known forFounder & CEO Penske Media Corporation, CEO & Owner Dick Clark Productions, CEO & Owner Golden Globes, Chairman & Owner Variety (magazine), Chairman & Owner of SXSW, Owner of Rolling Stone, Owner of American Music Awards, Founder & Chairman Luminate (company), Owner Billboard Charts, Founder & Owner Torch Cay, Exuma
Spouse
​
​
(m. 2012; div. 2024)​
Children1
Parent(s)Kathy Penske (mother)
Roger Penske (father)
Websitepmc.com/leadership/jay

Jay Penske is an American entrepreneur, media and publishing proprietor, live events owner, philanthropist, and real estate investor. He is known for creating the world’s largest digital media company Penske Media Corporation, which he started in 2004.[1]. He is also the CEO of Dick Clark Productions, and owns the Caribbean Island of Torch Cay, Exuma.[2]


Early life and education

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Born in New York City, Penske is the youngest son of Kathy, an English school teacher and Roger Penske, the founder and chairman of the Penske Corporation and former race car driver. Penske is an alumnus of St. Mary's Preparatory, in Detroit, Michigan, after having attended Cranbrook, Tabor Academy, and Lawrenceville.[3]

Penske graduated from the University of Pennsylvania's Wharton School[4] with a Bachelor of Science in Management of Information Systems and Finance.[5] He is on the board of the Entrepreneurial School at the Wharton School as of 2007,[5] and is also a member of the University of Pennsylvania Library's board of directors.[6]

Businesses and career

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Early Career – Cell Phone for Kids and Rare Books

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Penske co-founded Firefly Mobile, Inc., a wireless company that developed the Firefly mobile phone for children, and other youth targeted mobile devices and products.[7]

Penske also founded and owned Dragon Books, Ltd., a Los Angeles-based antiquarian and used bookstore which sold rare and collectible books which opened for business in 1999, and closed fifteen years later in 2014. It was named after Penske's favorite childhood book, “Dragon, Dragon,” written by John Gardner.[8]

Career – Media, Live Events, Email, and Publishing

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Penske is the chairman and CEO of Penske Media Corporation (PMC),[9] a digital media and publishing company that owns and operates a number of media brands, data services, and live events, including Rolling Stone, Variety, Billboard, The Hollywood Reporter, Deadline, and South by Southwest festival (SXSW).[10] Prior to being named Penske Media Corporation, it began as an affinity marketing and internet services company called Velocity Services, Inc.[11] The company acquired the Mail.com domain which was renamed to the Mail.com Media Corporation (MMC).[12]

Jay Penske with Barack Obama and Tony Blair

Penske joined the board of Vox Media in 2023, after PMC became the largest shareholder of the company.[13]

Penske in 2023 was described by the Los Angeles Magazine on its cover to be “one of the most powerful publishers in the world”, and has been compared to William Randolph Hearst, S.I. Newhouse, and Rupert Murdoch for his acquisition and portfolio of media brands.[14][15][16]

In June 2026, Penske led the acquisition of Vox Media, including Eater, The Verge, SB Nation, PopSugar, The Dodo, Punch, and Thrillist. The combined portfolio of more than 25 media brands that reach hundreds of millions of people monthly and produce over 300 live events a year. The agreement marks a major consolidation in media, and the new deal solidifies Penske’s status as the world's largest digital publisher by audience reach.[17]


Motorsports

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Jay Penske on Race Day in Portland

Penske founded an IndyCar Series racing team in 2007, jointly with Steve Luczo, the Chairman of Seagate Technology.[5] In October 2013, Penske Autosport signed an agreement with Formula E Holdings to be the fourth franchise team to enter the new FIA Formula E Championship.[18] The team was runner-up in the 2014-15 season with drivers Jérôme d'Ambrosio (who ranked fourth) and Loïc Duval. Penske Autosport has won the first ever Formula E races in the following countries: Germany, at the Berlin E-Prix (2015); Mexico, at the Mexico City E-Prix (2016); and India, at the Hyderabad E-Prix (2023), and the Jeddah ePrix in 2025[19][20][21][22]

Shanghai E-Prix 2025

Real Estate

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Penske Media owns and operates a portfolio of real estate assets.

475 Fifth Avenue

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In May of 2022, Penske Media became co-owners of 475 Fifth Avenue, making it the east coast headquarters of Penske Media.[23]

Torch Cay

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Jay Penske personally alongside his media company acquired Torch Cay, Exumas, the largest privately owned island in the Exumas. The island was listed for sale for $125 million and is 707-acres in size.[24]


Controversy

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Penske Media’s acquisition of the Golden Globe Awards as well as its ownership of Hollywood publications including The Hollywood Reporter, Variety and Deadline has been a source of controversy. In July 2026, Jay Penske and Penske Media were sued by the Hollywood Foreign Press Association (HFPA) which presented the Golden Globes prior to the acquisition by the Penske Media-owned Dick Clark Productions. The federal suite alleges violations of federal and state antitrust laws. It is alleged that this acquisition was done by Penske to influence awards season races. The HFPA is seeking $150 million in damages and the overturning of the agreement which transferred ownership of the Golden Globes to Penske Media.[25][26]

Personal life

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Penske married former Ralph Lauren and Victoria's Secret supermodel Elaine Irwin in 2012. They have one child together, but amicably separated in 2023, and divorced in 2024.[27]

References

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  1. ↑ "Penske Media Corporation Acquires Vox Media, Creating the World's Largest Digital Media Publisher". Yahoo. Retrieved August 23, 2026.
  2. ↑ "From Fyre Fest failure to secret billionaire escape, can this sun-soaked island chain challenge the Maldives". NY Post. Retrieved August 23, 2026.
  3. ↑ Black, Julia (October 26, 2020). "He has movie-star good looks, a former Victoria's Secret model wife, and a billionaire father. Here's how Jay Penske transformed from playboy to pragmatic media mogul". Business Insider. Retrieved October 27, 2020.
  4. ↑ "St. Mary's Preparatory honors trio for athletic accomplishments" Archived September 30, 2007, at the Wayback Machine; April 15, 2004; The Oakland Press; Retrieved September 6, 2007
  5. 1 2 3 "Jay Penske hopes to follow in footsteps of famous father"; Bruce Martin; May 21, 2007; yahoo.com; Retrieved October 18, 2007
  6. ↑ "Trustees' Winter Meeting Coverage"; February 27, 2007; University of Pennsylvania; Retrieved November 10, 2007
  7. ↑ "Jay Penske"; July 30, 2018; Los Angeles Business Journal; Retrieved February 3, 2025
  8. ↑ "Dragon Books, Ltd."; July 1, 2014; Dragon Books, Ltd.; Retrieved February 3, 2025
  9. ↑ "Son Adopts Father's Passion"[permanent dead link]; May 15, 2007; The Columbus Dispatch; Retrieved November 10, 2007
  10. ↑ Rosman, Katherine (March 26, 2022). "You Don't Know Much About Jay Penske. And He's Fine With That". The New York Times.
  11. ↑ Novellino, Teresa. "Jay Penske founded Penske Media Group to acquire Conde Nast's Fairchild Fashion Media - The Business Journals". www.bizjournals.com. Retrieved August 20, 2014.
  12. ↑ Novellino, Teresa (August 20, 2014). "Jay Penske picks up fashion bible WWD". Business Journals. Retrieved November 14, 2018.
  13. ↑ Sakoui, Anousha (February 6, 2023). "Penske's media roll-up continues with purchase of Vox stake". LA Times.
  14. ↑ Appleford, Steve (April 17, 2023). "Citizen Jay: How An Eccentric Racing Heir Became King of Hollywood Media". Los Angeles Magazine.
  15. ↑ "You Dont Know Much About Jay Penske and He's Fine With That". New York Times. March 26, 2022.
  16. ↑ Fedorov, Andrew (January 25, 2023). "Let's Play Penskopoly". The Fine Print.
  17. ↑ "Rolling Stone magazine parent buys Vox Media in digital media expansion". Reuters. June 18, 2026.
  18. ↑ Mike Szostech. "Dragon Racing joins FIA Formula E Championship". My Electric Car Forums. Archived from the original on October 4, 2013. Retrieved October 3, 2013.
  19. ↑ "DS Penske's Jean-Eric Vergne wins inaugural Hyderabad E-Prix". ESPN. February 11, 2023.
  20. ↑ "Not So Fast: Lucas Di Grassi's Car Disqualified After Winning Formula E Race In Germany". Autoweek. May 24, 2015.
  21. ↑ "Lucas Di Grassi Stripped Of Formula E Victory In Mexico City, Jerome D'Ambrosio Inherits Win". Autoweek. March 13, 2016.
  22. ↑ "Guenther in command for DS Penske". MSN. February 1, 2025.
  23. ↑ "Aby Rosen teams up with Rolling Stone publisher on $290M office deal". The Real Deal. May 20, 2022.
  24. ↑ "From Fyre Fest failure to secret billionaire escape, can this sun-soaked island chain challenge the Maldives". NY Post. Retrieved August 23, 2026.
  25. ↑ HFPA sues Jay Penske and Penske Media
  26. ↑ Golden Globes sale was a ‘sham,’ Hollywood Foreign Press alleges in $150-million suit against Penske, others
  27. ↑ "The Penskes Part". September 24, 2024.
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