Jay Penske

{{Infobox person

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| birth_place = New York City, New York, United States

| alma_mater = Wharton School of the University of Pennsylvania (B.S.)

| occupation = Businessman, media proprietor, investor

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| nationality = American

| children = 1

| known_for = Penske Media Corporation Founder, Chairman and CEO, Owner of the Golden Globes, Chairman and Owner of Variety, Owner of SXSW, Owner of Rolling Stone, Chairman and Owner Billboard chart

| parents = Kathy Penske (mother)
Roger Penske (father)

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| website = {{URL|pmc.com/leadership/jay}}

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| spouse = {{marriage|Elaine Irwin|October 2012}}

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Jay Penske is an American entrepreneur, media and publishing proprietor, live events owner, philanthropist, and real estate investor. He is known for building and developing one the world's largest media and live events companies, Penske Media Corporation, which he created in 2004.

Early life and education

Born in New York City, New York, Penske is the youngest son of Kathy, an English school teacher and Roger Penske, a race car driver and businessman. Penske is an alumnus of St. Mary's Preparatory, in Detroit Michigan, after having attended Cranbrook, Tabor Academy, and Lawrenceville.{{cite news |last1=Black |first1=Julia |title=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 |url=https://www.businessinsider.com/profile-of-rolling-stone-magazine-owner-jay-penske-2020-10 |accessdate=27 October 2020 |publisher=Business Insider |date=26 October 2020}}

At school Penske excelled athletically, as he was named was named All-League, All-State, All-American,[http://www.insidelacrosse.com/page.cfm?PageRID=131045 "1997 Boys' High School All-American Lacrosse Team"] {{Webarchive|url=https://web.archive.org/web/20061017184635/http://www.insidelacrosse.com/page.cfm?PageRID=131045 |date=October 17, 2006 }}; ESPN; Retrieved October 25, 2007 and the USA Player of the Year by USA Today newspaper in lacrosse. Penske also played ice hockey and earned numerous awards including, All-Region and All-State honors.[http://www.theoaklandpress.com/stories/041504/hig_20040415016.shtml "St. Mary's Preparatory honors trio for athletic accomplishments"] {{Webarchive|url=https://web.archive.org/web/20070930160300/http://www.theoaklandpress.com/stories/041504/hig_20040415016.shtml |date=September 30, 2007 }}; April 15, 2004; The Oakland Press; Retrieved September 6, 2007 In 1997, he set the high school record for the most goals, assists, and total points in lacrosse in the school's history, after which they retired his number in the school gymnasium. During his final season of lacrosse Penske broke Michael Powell's record of 194 points, scoring 202 points in a single lacrosse season. He remains the only player in the United States lacrosse history to average more than 10 points per game, score over 100 goals, and break the 200-point barrier in a single season.[https://www.laxnumbers.com/player_stats.php?type=21 "Men's All Time Records for most points in a season"]; February 27, 2007; LAX Numbers; Retrieved February 3, 2025

Penske graduated from the University of Pennsylvania's Wharton School with a Bachelor of Science in Management of Information Systems and Finance.[https://archive.today/20130209210918/http://sports.yahoo.com/irl/news?slug=indy500jaypenske&prov=st&type=lgns "Jay Penske hopes to follow in footsteps of famous father"]; Bruce Martin; May 21, 2007; yahoo.com; Retrieved October 18, 2007 He is on the board of the Entrepreneurial School at the Wharton School as of 2007, and is also a member of the University of Pennsylvania Library's Board of Directors.[http://www.upenn.edu/almanac/volumes/v53/n24/trustees.html "Trustees' Winter Meeting Coverage"]; February 27, 2007; University of Pennsylvania; Retrieved November 10, 2007

Businesses and Career

=Early Career – Cell Phone for Kids and Rare Books=

Penske began his career while studying at Wharton, and shortly after graduating created the first mobile phone for children, Firefly. 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. The Firefly phone won the prestigious 2006 CES Innovation Award for all consumer electronics, presented by the Consumer Electronics Association (CEA) and the 2006 International Consumer Electronics Show (CES).[https://labusinessjournal.com/news/jay-penske/ "Jay Penske"]; July 30, 2018; Los Angeles Business Journal; Retrieved February 3, 2025

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.[9] Dragon Books, Ltd. was named after Penske's favorite childhood book, “Dragon, Dragon,” written by John Gardner.[http://s207949277.onlinehome.us/press.php?id=58 "Dragon Books, Ltd."]; July 1, 2014; Dragon Books, Ltd.; Retrieved February 3, 2025

=Career – Email, Media and Publishing=

Penske is the Chairman and CEO of Penske Media Corporation (PMC),[http://www.dispatch.com/dispatch/contentbe/dispatch/2007/05/17/20070517-C6-02.html "Son Adopts Father's Passion"]{{Dead link|date=March 2023 |bot=InternetArchiveBot |fix-attempted=yes }}; May 15, 2007; The Columbus Dispatch; Retrieved November 10, 2007 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).{{cite news |last1=Rosman |first1=Katherine |title=You Don't Know Much About Jay Penske. And He's Fine With That. |url=https://www.nytimes.com/2022/03/26/style/jay-penske.html |work=The New York Times |date=26 March 2022}} Prior to being named Penske Media Corporation, it began as an affinity marketing and internet services company called Velocity Services, Inc.{{cite news |last1=Novellino |first1=Teresa |title=Jay Penske founded Penske Media Group to acquire Conde Nast's Fairchild Fashion Media - The Business Journals |url=https://www.bizjournals.com/bizjournals/news/2014/08/20/penske-media-picks-up-fairchild-fashion-media-wwd.html |accessdate=20 August 2014 |work=www.bizjournals.com}} The company acquired the Mail.com domain which was renamed to the Mail.com Media Corporation (MMC).{{cite news |last1=Novellino |first1=Teresa |title=Jay Penske picks up fashion bible WWD |url=https://www.bizjournals.com/bizjournals/news/2014/08/20/penske-media-picks-up-fairchild-fashion-media-wwd.html |accessdate=14 November 2018 |publisher=Business Journals |date=20 August 2014}}

Penske joined the board of Vox Media in 2023 after PMC became the largest shareholder of the company.{{cite news |last1=Sakoui |first1=Anousha |title=Penske's media roll-up continues with purchase of Vox stake |url=https://www.latimes.com/entertainment-arts/business/story/2023-02-06/penske-media-becomes-vox-media-largest-shareholder-with-stake-purchase |newspaper=LA Times |date=February 6, 2023}}

=Motorsports=

Penske founded an IndyCar Series racing team in 2007, jointly with Steve Luczo, the Chairman of Seagate Technology. 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.{{cite web|title=Dragon Racing joins FIA Formula E Championship|url=http://www.myelectriccarforums.com/?post_type=updates&p=3558|publisher=My Electric Car Forums|accessdate=3 October 2013|author=Mike Szostech|archive-url=https://web.archive.org/web/20131004224719/http://www.myelectriccarforums.com/?post_type=updates&p=3558|archive-date=4 October 2013|url-status=dead}} 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{{cite web |title=DS Penske's Jean-Eric Vergne wins inaugural Hyderabad E-Prix |url=https://www.espn.com/f1/story/_/id/35635523/jean-eric-vergne-formula-e-hyderabad-e-prix |website=ESPN |date=February 11, 2023}}{{cite web |title=Not So Fast: Lucas Di Grassi's Car Disqualified After Winning Formula E Race In Germany |url=https://www.autoweek.com/racing/a1870101/not-so-fast-lucas-di-grassis-car-disqualified-aftter-winning-formula-e-race-german/ |website=Autoweek |date=May 24, 2015}}{{cite web |title=Lucas Di Grassi Stripped Of Formula E Victory In Mexico City, Jerome D'Ambrosio Inherits Win |url=https://www.autoweek.com/racing/a1842076/lucas-di-grassi-stripped-formula-e-victory-mexico-city-jerome-dambrosio-inherits-win/ |website=Autoweek |date=March 13, 2016}}{{cite web |title=Guenther in command for DS Penske |url=https://www.msn.com/en-gb/sport/motorsports/guenther-in-command-for-ds-penske/ar-AA1z7237?apiversion=v2&noservercache=1&domshim=1&renderwebcomponents=1&wcseo=1&batchservertelemetry=1&noservertelemetry=1 |website=MSN |date=February 1, 2025}}

Recognition and awards

Under Penske's leadership, PMC was awarded as one of North America's top 100 private companies by Herring Research.[http://www.herringresearch.com/eventspace/northamerica08/redherring100.html "Top 100 List"] {{webarchive|url=https://web.archive.org/web/20130902054128/http://www.herringresearch.com/eventspace/northamerica08/redherring100.html |date=2013-09-02 }}; Retrieved May 24, 2008 He was additionally recognized repeatedly as both a 30 Under 30 and Under 40 Success Story from his alma mater.[http://www.whartonny.com/article.html?aid=406 "Young Entrepreneur]; November 6, 2005; Wharton School of Business; Retrieved August 18, 2014 Penske was also added to Vanity Fair's New Establishment list,{{cite news|publisher=Condenast|url=http://www.vanityfair.com/business/features/2009/10/new-establishment-next-200910?currentPage=1|date=2009-10-08|author= Matt Pressman|title= The Next Establishment}} and in 2010 the magazine named Penske one of the 10 best dressed men in the world in their "International Best-Dressed List" of that year.{{cite news|publisher=Condenast|url=http://www.vanityfair.com/style/features/2010/09/the-international-best-dressed-list-slide-show-201009#slide=19|author= VF Style Section|title= The 2010 International Best-Dressed List}} Additionally he has been named a Vice Chair of the American Film Institute (AFI) in 2014 and in 2015 was named by the NY Observer newspaper as one of the 25 most powerful people in Los Angeles.{{cite news|publisher=Observer|url=http://observer.com/2015/07/la-power-25/#jay-penske-26|date=2015-07-07|author= Oliver Jones|title= LA's Most Powerful 25 People}}

In 2024, Penske was again listed as one of the Most influential people in Los Angeles by the LA Times, and was described as “ one of L.A.'s stealthiest media moguls”.{{cite news|publisher=LA Times|url=https://www.latimes.com/la-influential/story/2024-06-16/jay-penske-mogul-hollywood-trades|author= Meg James|title= Jay Penske: King of the Hollywood trades}} For 8 straight years Penske has been listed as one of the most powerful leaders in California by the Los Angeles Business Journal.{{cite news|publisher=LA Business Journal|url=https://labusinessjournal.com/la500-2024/media-entertainment/la500-2024-jay-penske/|author= Staff Author|title= LA500 2024: Jay Penske}}

Penske in 2023 was declared 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.{{cite web |last1=Appleford |first1=Steve |title=Citizen Jay: How An Eccentric Racing Heir Became King of Hollywood Media |url=https://lamag.com/media/citizen-jay-how-eccentric-racing-heir-hollywood-media |website=Los Angeles Magazine |date=April 17, 2023}}{{cite web |title=You Dont Know Much About Jay Penske and He's Fine With That |url=https://www.nytimes.com/2022/03/26/style/jay-penske.html |website=New York Times |date=March 26, 2022}}{{cite web |last1=Fedorov |first1=Andrew |title=Let's Play Penskopoly |url=https://thefineprintnyc.com/article/jay-penske-media-monopoly/ |website=The Fine Print |date=January 25, 2023}}

Personal life

Penske married supermodel Elaine Irwin in 2012.{{Cite web|date=21 January 2013|title=Elaine Irwin, John Mellencamp's Ex, Engaged to Jay Penske, Media Mogul|url=https://www.usmagazine.com/celebrity-news/news/elaine-irwin-john-mellencamps-ex-engaged-to-jay-penske-media-mogul-2013211/}} They separated in 2023 and divorced amicably after 12 years in 2024.{{Cite web|date=24 September 2024|title=The Penskes Part|url=https://www.status.news/p/jay-penske-elaine-irwin-divorce}}