Jay Penske
American businessman (born 1979) From Wikipedia, the free encyclopedia
Jay Penske is an American entrepreneur, media and publishing proprietor, live events owner, philanthropist, and real estate investor. He is known for building and developing one the world's largest media and live events companies, Penske Media Corporation, which he created in 2004.
Jay Penske | |
|---|---|
| Born | New York City, U.S. |
| Nationality | American |
| Alma mater | Wharton School of the University of Pennsylvania (B.S.) |
| Occupation(s) | Businessman, media proprietor, investor |
| Known for | Penske Media Corporation Founder, Chairman and CEO, Owner of the Golden Globes, Chairman and Owner of Variety, Owner of SXSW, Owner of Rolling Stone, Chairman and Owner Billboard chart |
| Spouse | |
| Children | 1 |
| Parent(s) | Kathy Penske (mother) Roger Penske (father) |
| Website | pmc |
Early life and education
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Born in New York City, New York, Penske is the youngest son of Kathy, an English school teacher and Roger Penske, the founder and chairman of the Penske Corporation and former race car driver. Penske is an alumnus of St. Mary's Preparatory, in Detroit Michigan, after having attended Cranbrook, Tabor Academy, and Lawrenceville.[1]
At school Penske excelled athletically, as he was named was named All-League, All-State, All-American,[2] and the USA Player of the Year by USA Today newspaper in lacrosse. Penske also played ice hockey and earned numerous awards including, All-Region and All-State honors.[3] In 1997, he set the high school record for the most goals, assists, and total points in lacrosse in the school's history, after which they retired his number in the school gymnasium. During his final season of lacrosse Penske broke Michael Powell's record of 194 points, scoring 202 points in a single lacrosse season. He remains the only player in the United States lacrosse history to average more than 10 points per game, score over 100 goals, and break the 200-point barrier in a single season.[4]
Penske graduated from the University of Pennsylvania's Wharton School[3] with a Bachelor of Science in Management of Information Systems and Finance.[5] He is on the board of the Entrepreneurial School at the Wharton School as of 2007,[5] and is also a member of the University of Pennsylvania Library's Board of Directors.[6]
Businesses and Career
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Early Career – Cell Phone for Kids and Rare Books
Penske began his career while studying at Wharton, and shortly after graduating created the first mobile phone for children, Firefly. Penske co-founded Firefly Mobile, Inc., a wireless company that developed the Firefly mobile phone for children, and other youth targeted mobile devices and products. The Firefly phone won the prestigious 2006 CES Innovation Award for all consumer electronics, presented by the Consumer Electronics Association (CEA) and the 2006 International Consumer Electronics Show (CES).[7]
Penske also founded and owned Dragon Books, Ltd., a Los Angeles-based antiquarian and used bookstore which sold rare and collectible books which opened for business in 1999, and closed fifteen years later in 2014.[9] Dragon Books, Ltd. was named after Penske's favorite childhood book, “Dragon, Dragon,” written by John Gardner.[8]
Career – Email, Media and Publishing
Penske is the Chairman and CEO of Penske Media Corporation (PMC),[9] a digital media and publishing company that owns and operates a number of media brands, data services, and live events, including Rolling Stone, Variety, Billboard, The Hollywood Reporter, Deadline, and South by Southwest festival (SXSW).[10] Prior to being named Penske Media Corporation, it began as an affinity marketing and internet services company called Velocity Services, Inc.[11] The company acquired the Mail.com domain which was renamed to the Mail.com Media Corporation (MMC).[12]
Penske joined the board of Vox Media in 2023 after PMC became the largest shareholder of the company.[13]
Motorsports
Penske founded an IndyCar Series racing team in 2007, jointly with Steve Luczo, the Chairman of Seagate Technology.[5] In October 2013, Penske Autosport signed an agreement with Formula E Holdings to be the fourth franchise team to enter the new FIA Formula E Championship.[14] The team was runner-up in the 2014-15 season with drivers Jérôme d'Ambrosio (who ranked fourth) and Loïc Duval. Penske Autosport has won the first ever Formula E races in the following countries: Germany, at the Berlin E-Prix (2015); Mexico, at the Mexico City E-Prix (2016); and India, at the Hyderabad E-Prix (2023), and the Jeddah ePrix in 2025[15][16][17][18]
Recognition and awards
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Under Penske's leadership, PMC was awarded as one of North America's top 100 private companies by Herring Research.[19] He was additionally recognized repeatedly as both a 30 Under 30 and Under 40 Success Story from his alma mater.[20] Penske was also added to Vanity Fair's New Establishment list,[21] and in 2010 the magazine named Penske one of the 10 best dressed men in the world in their "International Best-Dressed List" of that year.[22] Additionally he has been named a Vice Chair of the American Film Institute (AFI) in 2014 and in 2015 was named by the NY Observer newspaper as one of the 25 most powerful people in Los Angeles.[23] In 2024, Penske was again listed as one of the Most influential people in Los Angeles by the LA Times, and was described as “ one of L.A.'s stealthiest media moguls”.[24] For 8 straight years Penske has been listed as one of the most powerful leaders in California by the Los Angeles Business Journal.[25]
Penske in 2023 was declared by the Los Angeles Magazine on its cover to be “one of the most powerful publishers in the world”, and has been compared to William Randolph Hearst, S.I. Newhouse, and Rupert Murdoch for his acquisition and portfolio of media brands.[26][27][28]
Personal life
Penske married supermodel Elaine Irwin in 2012.[29] They separated in 2023 and divorced amicably after 12 years in 2024.[30]
References
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