Formula E
01 Feb 2019
Credit: Chris Owens/IndyCar Media
Penske Media Corporation (PMC), headed by Formula E team boss Jay Penske, has bought the iconic Rolling Stone magazine outright.
Penske, son of motorsport legend Roger Penske, is the boss of Dragon Racing which has competed in Formula E since the series’ inaugural season and formerly competed in IndyCar.
His media business was originally formed in 2004 and has previously been known as both Velocity Services and Mail.com Media. PMC bought a 51 percent stake in Rolling Stone in 2017 for approximately $110 million and its purchase of the remaining 49 percent share from BandLab Technologies gives it full ownership of the pop culture magazine, along with all event and licensing rights associated with the brand.
“In the 12 months since PMC’s initial investment into this incredible team and legendary brand, the need to consolidate the Rolling Stone business has become abundantly clear and something that BandLab and their leadership team also recognised and were in full support of,” said PMC founder and CEO Penske. “It’s with their confidence and blessing that we were able to put together a deal that was best for all parties. We continue to have shared goals and will continue to collaborate Credit: in the future.
“This strategic transaction is a key move for what will be many years of future growth and expansion for Rolling Stone, both domestically and abroad,” he added.
PMC’s portfolio also includes Variety magazine and the Deadline Hollywood online entertainment magazine. He also owns Los Angeles-based used book store Dragon Books, which shares its name with his racing team.
Dragon Racing, which isn’t associated with Penske’s father’s eponymous squad, won races in each of the first two Formula E seasons – both coming after disqualifications for on-track winner Lucas di Grassi – but hasn’t been victorious since switching to its own powertrains from season three onwards. Its current drivers are rookie Maximilian Günther and three-time World Touring Car champion José María López.
