Jay Penske is the king of Hollywood trade publications

Jay Penske, the youngest son of racing legend Roger Penske, has become one of Los Angeles' stealthiest media moguls. Since purchasing entertainment journalist Nikki Finkes' specialty blog Deadline for less than $1 million in 2009, Penske has acquired a near-monopoly of culture and entertainment industry publications.

His Variety, The Hollywood Reporter, IndieWire and Deadline entries cover every hiccup and burp in Hollywood. Penske Media Corp. is also a force outside the studio bubble, owning music publications Billboard, Rolling Stone and Vibe, as well as ARTnews, Artforum, Womens Wear Daily and Sportico.

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The extent of his assets gives him considerable influence. The publications also rake in tens of millions of dollars from lucrative For Your Consideration awards season ads placed by Hollywood studios.

Critics say such financial arrangements inevitably result in favorable treatment of industry players, and that Penske's consolidation of business outlets increased writers' angst during last year's writers' and actors' strikes. Suspecting that studio executives were leaking information to gain the upper hand, the Writers Guild of America asked its members not to believe press reports but instead to get their information from the union.

Nevertheless, Penskes titles remained essential sources of information. They reported aggressively on the labor dispute, and media coverage went both ways.

At a time when newsrooms are shrinking, he has invested heavily in breathing new life into once-tired brands.

Last June, Deadline ratcheted up tensions by quoting an anonymous studio executive as saying the companies planned to drag out negotiations until union workers started losing their homes. Studio bosses howled, but the narrative stuck, strengthening the resolve of striking writers and actors to demand a better deal.

Penske absorbed the blows.

He believes that some criticisms leveled at his media outlets are erroneous and is pleased with the quality of the journalism produced. He is proud that, despite the difficult climate and the decline in advertising spending by studios, his company has remained profitable.

The 45-year-old executive is not a regular on red carpets. He grew up in New York and Detroit and moved to Los Angeles in 2002, after graduating from the Wharton School of the University of Pennsylvania. He launched PMC two years later.

Jay Penske, youngest son of racing legend Roger Penske, poses for a photo as crew members prepare Tomas Scheckters' car for the Indianapolis 500 on May 22, 2008.

(Michael Conroy/Associated Press)

He has an independent streak. Rather than turning to his father for financing, he entered into joint ventures and took on partners. He faced criticism after accepting a $200 million investment from the Saudi Research and Media Group in 2018, months before Washington Post columnist Jamal Khashoggi was murdered by killers widely considered to be Saudi agents.

Despite its detractors, Penske's management stands out. At a time when newsrooms are shrinking, he has invested heavily in breathing new life into once-tired brands.

And his empire is expanding. Last year, he became the largest shareholder of Vox Media and established a foothold in New York. It's also ramping up live events with the popular Texas festival South by Southwest and Dick Clark Productions, which puts on the spectacular Golden Globe Awards, maintaining another stream of For Your Consideration commercials.

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