Jay Penske

Early life and education

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, Chief Executive Officer, Dick Clark Productions, 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.

Penske graduated from the University of Pennsylvania's Wharton School with a Bachelor of Science in Management of Information Systems and Finance. He is on the board of the Entrepreneurial School at the Wharton School as of 2007, and is also a member of the University of Pennsylvania Library's board of directors.

Businesses and career

Early Career – Cell Phone for Kids and Rare Books

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.

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. It was named after Penske's favorite childhood book, “Dragon, Dragon,” written by John Gardner.

Career – Email, Media and Publishing

Penske is the chairman and CEO of Penske Media Corporation (PMC), 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). Prior to being named Penske Media Corporation, it began as an affinity marketing and internet services company called Velocity Services, Inc. The company acquired the Mail.com domain which was renamed to the Mail.com Media Corporation (MMC).

Penske joined the board of Vox Media in 2023, after PMC became the largest shareholder of the company.

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.

Motorsports

Main article: DS Penske

Penske founded an IndyCar Series racing team in 2007, jointly with Steve Luczo, the Chairman of Seagate Technology. 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

Personal life

Penske married model Elaine Irwin in 2012. They separated in 2023 and divorced in 2024.

References

References

1. "Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest 2026 Rings the Closing Bell". Nasdaq.
2. (26 October 2020). "He has movie-star good looks, a former Victoria's Secret model wife, and a billionaire father. Here's how Jay Penske transformed from playboy to pragmatic media mogul". Business Insider.
3. [http://www.theoaklandpress.com/stories/041504/hig_20040415016.shtml "St. Mary's Preparatory honors trio for athletic accomplishments"] {{Webarchive. link. (September 30, 2007; April 15, 2004; [[The Oakland Press]]; Retrieved September 6, 2007)
4. [https://archive.today/20130209210918/http://sports.yahoo.com/irl/news?slug=indy500jaypenske&prov=st&type=lgns "Jay Penske hopes to follow in footsteps of famous father"]; Bruce Martin; May 21, 2007; [[yahoo.com]]; Retrieved October 18, 2007
5. [http://www.upenn.edu/almanac/volumes/v53/n24/trustees.html "Trustees' Winter Meeting Coverage"]; February 27, 2007; [[University of Pennsylvania]]; Retrieved November 10, 2007
6. [https://labusinessjournal.com/news/jay-penske/ "Jay Penske"]; July 30, 2018; [[Los Angeles Business Journal]]; Retrieved February 3, 2025
7. [http://s207949277.onlinehome.us/press.php?id=58 "Dragon Books, Ltd."]; July 1, 2014; [[Dragon Books, Ltd.]]; Retrieved February 3, 2025
8. [http://www.dispatch.com/dispatch/contentbe/dispatch/2007/05/17/20070517-C6-02.html "Son Adopts Father's Passion"]{{Dead link. (March 2023)
9. (26 March 2022). "You Don't Know Much About Jay Penske. And He's Fine With That.". The New York Times.
10. "Jay Penske founded Penske Media Group to acquire Conde Nast's Fairchild Fashion Media - The Business Journals". www.bizjournals.com.
11. (20 August 2014). "Jay Penske picks up fashion bible WWD". Business Journals.
12. (February 6, 2023). "Penske's media roll-up continues with purchase of Vox stake". LA Times.
13. (April 17, 2023). "Citizen Jay: How An Eccentric Racing Heir Became King of Hollywood Media".
14. (March 26, 2022). "You Dont Know Much About Jay Penske and He's Fine With That".
15. (January 25, 2023). "Let's Play Penskopoly".
16. Mike Szostech. "Dragon Racing joins FIA Formula E Championship". My Electric Car Forums.
17. (February 11, 2023). "DS Penske's Jean-Eric Vergne wins inaugural Hyderabad E-Prix".
18. (May 24, 2015). "Not So Fast: Lucas Di Grassi's Car Disqualified After Winning Formula E Race In Germany".
19. (March 13, 2016). "Lucas Di Grassi Stripped Of Formula E Victory In Mexico City, Jerome D'Ambrosio Inherits Win".
20. (February 1, 2025). "Guenther in command for DS Penske".
21. (21 January 2013). "Elaine Irwin, John Mellencamp's Ex, Engaged to Jay Penske, Media Mogul".
22. (24 September 2024). "The Penskes Part".