Jay Penske Net Worth | Celebrity Net Worth

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What’s Jay Penske’s net worth?

Jay Penske is an American media and publishing entrepreneur who has a net worth of $250 million. Jay is the founder and CEO of the Penske Media Company (PMC) which owns dozens of distinguished publications, together with:

  • Selection
  • Deadline
  • Rolling Stone
  • Artnews
  • Robb Report
  • Grime.com
  • Girls’s Put on Day by day

PMC can be the bulk proprietor of the annual South by Southwest music, movie and know-how competition.

Early Life

Jay Penske was born in New York Metropolis in 1979. Jay is considered one of 5 kids born to Roger Penske, the multi-billionaire founding father of the Penske Company. The Penske empire is huge. The biggest and most public holdings are the publicly traded Penske Automotive Group, which owns the ever present orange rental vans that dot American highways (there are over 360,000 vans within the fleet), the Indianapolis Motor Speedway and IndyCar racing. There are dozens of extra automotive-related enterprise ventures below the Pensky company umbrella.

Jay is considered one of three kids born to Kathy Pensky, Roger’s second spouse. Roger has two kids from a earlier marriage. The household lived in New Jersey, New York Metropolis and the Detroit suburbs the place his father’s enterprise is headquartered and the place Jay graduated from St. Mary’s Preparatory.

Schooling

He was a standout lacrosse participant for St. Mary’s, setting information for many objectives, assists, and factors in class historical past. He was named Participant of the Yr by USA At this time and was an All-American in 2017. He’s the one participant in lacrosse historical past to common 10 factors per sport and to attain greater than 200 factors in a single season.

After highschool Jay enrolled on the College of Pennsylvania’s Wharton Faculty. He graduated in 2001 with a Bachelor of Science in Finance and Administration Info Methods.

Firefly Cell

After graduating from school, Jay co-founded Firefly Cell, Inc. a wi-fi firm that developed telephones for kids. One of many firm’s earliest merchandise gained an innovation award at CES 2006.

At this time Jay might be most well-known for being the founder, Chairman, and CEO of digital media and publishing firm Penske Media Company (PMC).

Based in 2003 as Velocity Companies, Inc., one of many firm’s first acquisitions was the area identify Mail.com. Upon this buy, the corporate identify was modified to Mail.com Media Company (MMC). In 2010 the Mail.com area and e-mail portal enterprise was bought to a German firm, yielding a reported $50 – 100 million revenue.

Deadline: In 2009 he bought the web site Deadline Hollywood Day by day, which at this time is healthier referred to as Deadline.com.

Selection: In October 2012, Jay used a $26 million mortgage from hedge fund billionaire Dan Loeb to finance the acquisition of Selection Journal.

WWD: In 2014, the newly named Penkse Media Company (PMC) paid $100 million to Conde Nast to amass its Fairfield Vogue Media division, which included publications Girls’s Put on Day by day and Footwear Information.

Rolling Stone: In January 2017, PMC purchased 51% of Rolling Stone journal from the publication’s founder Jann Wenner for an undisclosed quantity. In 2019 it purchased Jann’s remaining 49%.

In February 2019, PMC took on a $200 million funding from the Saudi Analysis and Media Group. The corporate used this injection to finance the beforehand talked about 49% buy of Rolling Stone.

Hollywood Reporter: In 2020, PMC purchased 80% of guardian firm of The Hollywood Reporter, Vibe and Billboard.

South by Southwest: In April 2021, PMC purchased a majority possession stake within the South by Southwest music, movie and know-how competition that takes place yearly in Austin.

(Picture by David M. Benett/Dave Benett/Getty Photographs)

Private Life

In October 2012 Jay proposed to mannequin Elaine Irwin. They’re married and have a daughter. Earlier than her marriage to Penske, Elaine was married to rock musician John Mellencamp for 18 years. They married when she was 23 years outdated, simply 10 weeks after the primary met when she was employed to look on his album cowl and in a music video. Elaine and John have two kids.

Actual Property

Jay, Elaine and their household dwell in LA’s Pacific Palisades neighborhood. They personal an condo in Manhattan and a non-public island within the Bahamas.

In 2015 they bought a house in Bel-Air for $7.25 million. Based on actual property information, Jay appeared to have purchased the property the place this dwelling sits again in 2003 for $1.95 million.

In 2017 Jay and Elaine pad $6.3 million for what had beforehand been a Black church in Venice, California. After submitting plans to show the church into a non-public residence they met fierce protest. They in the end withdrew their plans and bought the property.


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