Chairman & Chief Executive Penske Media Corp.
MEDIA & ENTERTAINMENT | 2022 LA500
Penske acquired publishing magazines Variety and Rolling Stone when they were depressed from online competition, and that risky bet got rewarded. His company is riding the media business rebound, and benefits from tweaking the business model by adding data and analytics, creating industry events and synergies. The media outfit now logs 240 million readers each month. Penske last year bought a controlling stake in the technology and arts South by Southwest festival in Austin, Texas. In 2020, Penske acquired 80% of the Hollywood Reporter, Billboard and Vibe publications. He is the son of race car driver turned entrepreneur Roger Penske, who became a billionaire post-racing.