Penske Media Acquires Artforum International Magazine

Penske Media Corporation, IndieWire’s parent company, has acquired Artforum International Magazine, the corporation announced Thursday.

“I look forward to continuing our work with the brilliant writers, artists, and editors who have made this magazine a touchstone for generations,” the magazine’s editor David Velasco said in a statement. “I’m confident that PMC is the right partner for Artforum as we deepen our commitment to our community and build new ways to communicate our mission across a variety of media.”

The news comes during the 60th anniversary of Artforum, which was first established in California in 1962. One of the most prestigious contemporary art magazines in the country, the magazine has been based in New York since 1967, and is currently helmed by Velasco along with publisher Danielle McConnell and associate publisher Kate Koza. In addition, longtime publisher and shareholder for the magazine Anthony Korner serves in an advisory and ambassadorial role at the publication. All four will continue to lead operations at Artforum as it comes under PMC ownership.

“Artforum’s quality and authority in the art world is unparalleled,” Jay Penske, chairman and CEO of PMC, said in a statement. “Over the last 60 years, they have built a culture- and genre-defining brand known around the world, with one of the few insightful global perspectives on art. I have great admiration for the hard work Tony, Danielle, Kate, and David have done to make Artforum such a success. I look forward to a bright future with this very talented team.”

Terms of the transaction have not been disclosed. Artforum will remain editorially independent of other Penske Media brands, including its existing contemporary art-focused titles ARTnews and Art in America. In a statement with the acquisition announcement, McConnell said that Artforum will receive an expansion of its digital operations underneath PMC ownership, while maintaining its current print publication.

“Our highest priority is to maintain the continued legacy of our print publication while ensuring a vigorous digital expansion,” she said. “We are thrilled to work alongside Jay Penske, who has understood these objectives from the outset. PMC’s media infrastructure will provide dynamic, amplified opportunities for Artforum’s international community of artists, galleries, museums, and other valued partners.”

Established in 2003 and based in both Los Angeles and New York, with additional offices in 14 countries, PMC owns a variety of high-profile digital and print media publications. Aside from IndieWire, notable brands operated by PMC include Variety, Rolling Stone, The Hollywood Reporter, Billboard, WWD, SHE Media, Robb Report, Deadline, Sportico, BGR, Fairchild Media, Vibe, Dirt, and Gold Derby.

Source: Read Full Article