Published: November 21, 2018
NEW YORK CITY — Penske Media Corporation (PMC) has announced its acquisition of ARTnews and Art in America as part of the overall acquisition of Art Media Holdings LLC, the largest independent art publishing group that also includes The Magazine Antiques and Modern magazine.
ARTnews, founded in 1902 and winner of more than 40 major journalism awards, is the most highly circulated contemporary art magazine in the world. ARTnews is a daily resource for leaders of the international art world, with digitally led news coverage from its global correspondents, investigative reports, reviews of exhibitions and profiles of artists and collectors.
Art in America, since its founding in 1913, has been the compelling voice of criticism and dialog in the art community, indispensable for artists, curators and collectors in the United States and around the world seeking informed analysis of the world’s most important art movements.
In the art world, where a significantly fragmented audience spans many websites and publishers, PMC sees the opportunity to augment these exceptional brands with further investments in content and editorial, complemented by robust data and analytic tools, and growing an engaging live media and event business. This acquisition expands PMC’s reach and influence by adding key brands in the art vertical to its offerings that include music, fashion, entertainment, retail, beauty and lifestyle.
“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.”
“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.
Penske Media, founded in 2004, is a leading digital media company committed to investing in legacy media brands and evolving their strategies for today’s competitive digital media landscape. With significant experience across its 16 industry-leading trade and consumer brands that include Rolling Stone, Variety, WWD, Robb Report, Deadline, SheMedia, Beauty Inc, FN, IndieWire, HollywoodLife, BGR, and other leading brands, PMC’s digital media expertise and complementary portfolio will be key advantages in propelling these newly acquired publications to significant progress, profitability and long-term sustainability and growth.
Alan Mnuchin of AGM Partners LLC in New York City provided transaction advisory. The financial terms of the acquisition were not disclosed.
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