You Don’t Know A lot About Jay Penske. And He’s Wonderful With Tha…

Ten Penske Media workers interviewed for this text describe their boss as somebody who stepped up for publications in bother. “Jay Penske got here in and stored this trade,” stated Dea Lawrence, the manager working and advertising and marketing officer of Selection. “He’s a hero to the publishing global.” His corporate has greater than 1,350 workers, in step with the Penske Media vp Gerry Byrne, just about part of them newshounds and content material creators.

After the corporate purchased a controlling stake in Vibe and Billboard, that have workplaces in New York, he flew there to fulfill with each and every new worker. “This used to be in the midst of the pandemic, and so I believed, ‘Wow, this man is severe!’” stated Datwon Thomas, the editor in leader of Vibe. Mr. Thomas met Mr. Penske for lunch at Bryant Park Grill in Midtown. “Jay knew so much about me and my background,” he stated, “and he knew so much about Vibe.” 4 different Penske Media workers stated that Mr. Penske makes a convention of assembly with each and every of his new workers quickly after obtaining a assets.

Mr. Penske will occasionally play hardball with the workforce. When Tatiana Siegel, an established Hollywood Reporter journalist, approved a role at The Ankler, a subscription e-newsletter began by means of the display trade creator Richard Rushfield that has expanded beneath the previous Hollywood Reporter most sensible editor Janice Min, Mr. Penske put a forestall to the transfer. Ms. Siegel’s contract incorporated a noncompete clause, and Mr. Penske held her to it. The events ultimately agreed that Ms. Siegel would decamp to Rolling Stone, committing 80 % of her paintings to it, with the rest going to The Ankler.

“Jay has been by means of a long way the most efficient proprietor I’ve labored beneath at The Hollywood Reporter,” stated Ms. Siegel, who joined the mag in 2003. “My state of affairs used to be distinctive, and it used to be resolved amicably.”

The upstart publications Puck and The Ankler pose a brand new risk to Penske Media’s dangle on leisure protection. The contest is paying homage to what happened greater than a decade in the past, when Closing date had the outdated guard quaking. Mr. Rushfield stated that start-ups will have a bonus over entrenched publications, as a result of they don’t seem to be beholden to somebody.

“In the event you’re at a e-newsletter like Selection, for instance, the selection of issues a studio has over you is tricky to stay monitor of,” Mr. Rushfield stated. “You want pleasant get right of entry to to studio executives and brokers present wrapping your scoops. You want folks for covers. You want folks to talk at your meetings.” The outcome, he endured, is that “publications with other trade fashions, and extra competitive reporting, can elbow their manner in.”

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