×
You will be redirected back to your article in seconds

PMC Buys ARTnews, Art in America

Penske Media Corporation, the parent company of Variety Magazine, has acquired ARTnews and Art in America, two must reads in the world of contemporary art.

The purchase is part of a larger acquisition of Art Media Holdings, LLC, an independent art publishing group that also includes the Magazine Antiques and Modern Magazine. Financial terms of the pact were not disclosed.

ARTnews was founded in 1902 has received over 40 major journalism awards for its coverage of the international art world. The publication includes investigative reports, reviews of exhibitions, and profiles of artists and collectors. Art in America, founded in 1913, offers analysis of the world’s leading art movements.

In a release announcing its acquisition, PMC said it will invest in the brands’ content and editorial, as well as build up data and analytic tools, and grow a live media and event business.

“For more than a century ARTnews and Art in America have been leaders in breaking news and commentary on the art world. To welcome these fine publications, whose editorial heritage I have long admired, is not only a remarkable opportunity, but also a great honor,” said PMC chairman and CEO Jay Penske. “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.”

PMC’s holdings include the Hollywood trade Deadline, as well as Rolling Stone Magazine, Robb Report, IndieWire, and WWD. With this acquisition, PMC says it is now the largest employer of art journalists in the world.

“Knowing what Jay and his team have done with other century-old media brands in the PMC portfolio, it’s clear that PMC sets the gold standard for furthering legacy media brands’ potential, using a diversified approach attuned to today’s digital landscape,” said Victoria Duffy Hopper, CEO of Art Media Holdings, LLC. “We’re eager to integrate with PMC’s expertise and expand our brand offerings to the worldwide art audience that relies on us for the best in breaking news, criticism and analysis.”

“These publications are guideposts to our world’s art history, and our own American culture. I am very confident that Jay Penske and Penske Media are the right owners for their next many decades,” said the former owner and chairman Peter Brant.

Alan Mnuchin of AGM Partners LLC in New York provided transaction advisory.

More Biz

  • Contract Placeholder Business

    WGA, Agents Face Tough Issues on New Franchise Pact (Column)

    The Writers Guild of America and the major talent agencies are seven weeks away from a deadline that could force film and TV writers to choose between their agents and their union. This is a battle that has been brewing for a year but few in the industry saw coming until a few weeks ago. [...]

  • Island Records Names Christine Kauffman Senior

    Island Records Names Christine Kauffman Senior VP of Brand Partnerships

    Veteran advertising executive Christine Kauffman has been named senior VP of brand partnerships at Island Records, the company announced today. She will be based in New York and report to Island COO Eric Wong. In making the announcement, Island President Darcus Beese said, “The fast-paced and competitive field of strategic brand marketing has become an [...]

  • Latin Music Veteran Nir Serioussi Joins

    Latin Music Veteran Nir Serioussi Joins Interscope as Executive VP

    Interscope Geffen A&M announced today that veteran executive, producer and songwriter Nir Seroussi will join the company as executive vice president. The announcement was made by Interscope Geffen A&M Chairman and CEO John Janick, to whom Serioussi will report. (Seroussi, center, is pictured above with Janick, left, and Interscope EVP Joie Manda.) According to the [...]

  • Tan FranceUnforgettable Gala, Inside, Los Angeles,

    'Queer Eye' Star Tan France to Host Audiobook Audie Awards

    “Queer Eye” resident style expert Tan France is taking on a slightly different project next month as he hosts the Audie Awards, which honors the best releases and achievements in audiobooks over the past 12 months. The ceremony, which takes place on March 4 in New York, is an annual event organized by the Audio [...]

  • Obit Obituary Placeholder

    Shelly Saltman, Former Fox Sports President and Promoter, Dies at 87

    Sheldon “Shelly” Saltman, the sports promoter behind the Billie Jean King vs. Bobby Riggs tennis match and Evel Knievel’s Snake River Canyon jump, died Saturday in Los Angeles. He was 87. The original president of Fox Sports, Saltman started his career as a sports announcer before moving to promotions at media companies like the Gillette Cavalcade [...]

  • Arista Records, Mogul Vision Launch Joint

    Arista Records, Mogul Vision Launch Joint Venture

    Arista Records and Smokepurpp/ Lil Mosey manager Josh Marshall today announced the launch of Mogul Vision Music, a new joint venture label focused on “breaking extraordinary talent and building artist careers through innovative A&R, branding and marketing strategy,” according to the announcement. Based in New York with Marshall (pictured above left, with Massey) as its CEO, the [...]

  • Jussie Smollett

    Jussie Smollett Faces Prison, Career Ruin if He Lied About Attack

    Jussie Smollett is facing prison time and the implosion of his career if it turns out he lied about being the target of a hate crime, legal and public relations experts say. “The best thing that Jussie can do is pray and pray a lot,” said Ronn Torossian, founder of 5W Public Relations. “If he [...]

More From Our Brands

Access exclusive content