Jay Penske

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Jay Penske (born May 5, 1979[1]) is an American businessman best known for creating the media company Penske Media Corporation.

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, 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.[2]

Penske graduated from the University of Pennsylvania's Wharton School[3] with a Bachelor of Science in Management of Information Systems and Finance.[4] He is on the board of the Entrepreneurial School at the Wharton School as of 2007,[4] and is also a member of the University of Pennsylvania Library's Board of Directors.[5]

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.[6]

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.[7]

Career – Email, Media and Publishing

Penske is the Chairman and CEO of Penske Media Corporation (PMC),[8] 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).[9] Prior to being named Penske Media Corporation, it began as an affinity marketing and internet services company called Velocity Services, Inc.[10] The company acquired the Mail.com domain which was renamed to the Mail.com Media Corporation (MMC).[11]

Penske joined the board of Vox Media in 2023 after PMC became the largest shareholder of the company.[12]

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.[13][14][15]

Motorsports

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Penske founded an IndyCar Series racing team in 2007, jointly with Steve Luczo, the Chairman of Seagate Technology.[4] 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.[16] 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[17][18][19][20]

Personal life

Penske married model Elaine Irwin in 2012.[21] They separated in 2023 and divorced amicably after 12 years in 2024.[22]

References

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  1. ↑ Cite error: Script error: No such module "Namespace detect".Script error: No such module "Namespace detect".
  2. ↑ Script error: No such module "citation/CS1".
  3. ↑ "St. Mary's Preparatory honors trio for athletic accomplishments" Template:Webarchive; April 15, 2004; The Oakland Press; Retrieved September 6, 2007
  4. ↑ a b c "Jay Penske hopes to follow in footsteps of famous father"; Bruce Martin; May 21, 2007; yahoo.com; Retrieved October 18, 2007
  5. ↑ "Trustees' Winter Meeting Coverage"; February 27, 2007; University of Pennsylvania; Retrieved November 10, 2007
  6. ↑ "Jay Penske"; July 30, 2018; Los Angeles Business Journal; Retrieved February 3, 2025
  7. ↑ "Dragon Books, Ltd."; July 1, 2014; Dragon Books, Ltd.; Retrieved February 3, 2025
  8. ↑ "Son Adopts Father's Passion"Script error: No such module "Unsubst".; May 15, 2007; The Columbus Dispatch; Retrieved November 10, 2007
  9. ↑ Script error: No such module "citation/CS1".
  10. ↑ Script error: No such module "citation/CS1".
  11. ↑ Script error: No such module "citation/CS1".
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  15. ↑ Script error: No such module "citation/CS1".
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  21. ↑ Script error: No such module "citation/CS1".
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Template:Penske Media Corporation

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