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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.