Penske Media Corp. has recently closed a $200 million direct investment from a Saudi Arabia investment fund. PMC is the parent company and owner of Fairchild Media and WWD. Chairman and chief executive office Jay Penske continues to control more than 60 percent of the company after the strategic investment.
“This moment represents another significant milestone for PMC and its stakeholders,” said Lauren Utecht, vice president of communications for the company. “After a decade of growth without raising any outside capital, this minority funding will further amplify our investments in existing PMC properties and provide additional resources for future acquisitions.”
Founded in 2003, PMC is a leading digital media company with significant experience in the entertainment, technology, fashion, retail and luxury media segments. PMC has made investments in 18 industry-leading trade and consumer brands, including Variety, WWD, Deadline, Beauty Inc, FN, IndieWire, BGR, and other media properties.
During a time of incessant challenges across the media industry, PMC has been actively increasing its media holdings and operations. In December 2017, the company acquired control of Rolling Stone from Wenner Media. The previous year, PMC added Sourcing Journal and the Robb Report to its stable of media properties.
In 2014, PMC acquired Fairchild Media from Condé Nast, in a deal that included WWD, its archive, Footwear News and the Fairchild Summits and events business. And in 2012, PMC acquired Variety from Reed Business Information.
Penske Media did not provide any further details on the transaction.