Digital publishers Penske Media acquire control of Wenner Media; Banker buys Golf magazine; Ex-HuffPost editor launching news website
Digital publishers have had a busy year. In fact, it’s been one for the record books. There have been a variety of acquisitions and mergers, even beyond the major deals of Meredith Corp. buying Time Inc. and Disney acquiring Fox’s assets.
Today we’re reporting on the most recent examples of these acquisitions, and we begin with Penske Media Corp. According to WWD, “Penske Media Corp., owner of WWD, Variety, Hollywood Life, Deadline.com and Robb Report among other publications, has acquired a controlling stake in Rolling Stone.”
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“Penske Media Corp. adds Rolling Stone to a portfolio that includes industry leading publications, including Variety, acquired in 2012 from Reed Business Information, and Fairchild Fashion Media, which it acquired in 2014 from Condé Nast, in a deal that included WWD, its archive, Footwear News, and the Fairchild Summits and events business.”
The article continues with a look at how Penske Media Corp. envisions the future of this acquisition and how Rolling Stone fits. “Having made investments in more than 18 industry-leading trade and consumer brands that include Variety, WWD, Robb Report, Deadline, Beauty Inc, FN, IndieWire, BGR, and other leading properties, Penske Media’s digital media expertise and complementary portfolio will be key advantages in propelling Rolling Stone to significant growth, profitability and long-term success.”
Our next story is on the acquisition of Time Inc.’s Golf magazine brand. NY Post reports, “Banking and real estate mogul Howard Milstein, expanding his golf-related holdings, has purchased Time Inc.’s Golf magazine and golf.com website.”
“While Time Inc. has not yet announced the deal, staffers at the monthly magazine were told of the pending deal on Monday, according to geoffshackelford.com, a golf news site that first reported the sale.”
It appears digital publishers at Time Inc. are getting rid of properties that Meredith Inc. does not want. The article continues, “Time Inc. is looking to sell a handful of non-core magazines and has said it hopes to complete the divestments prior to the completion of the company’s $2.8 billion acquisition by Meredith early next year.”
Our final story looks at the launch of a new publishing website from an experienced professional. MediaPost reports, “HuffPost executive editor Jim Rich is leaving to launch a nonprofit, New York-focused news site.”
“In a memo announcing his departure, Rich noted that the for-profit model of local journalism ‘is dead, and it’s not coming back.’ Rich said he witnessed this ‘firsthand’ while editor-in-chief of the New York Daily News, where he worked for over a decade.”
The article continues with a statement from Rich on why he is choosing to launch this publishing website. “Never has there been a more dire moment in the history of local journalism, and nowhere has this been felt more acutely than the media capital of the world, New York City.”
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