Penske Media expands artwork publishing empire with acquisition of Artforum

One of many artwork world’s most influential publications, Artforum, has been purchased by the Penske Media Company (PMC), a conglomerate which owns a raft of titles comparable to Selection and Rolling Stone. The transfer means the up to date artwork journal joins the identical steady as ARTnews and Artwork in America, which had been acquired by Penske in 2018 (in 2015 each publications had been merged in a deal that made the newsprint magnate Peter Brant the bulk shareholder).

“Artforum will stay editorially impartial of different Penske Media manufacturers, together with present titles ARTnews and Artwork in America. Phrases of the transaction weren’t disclosed,” a press release from Penske says.

The journal writer Danielle McConnell and affiliate writer Kate Koza will proceed to guide Artforum operations, with editor-in-chief David Velasco helming editorial initiatives, the assertion provides. In the meantime Anthony Korner, who’s listed as a writer within the newest challenge, takes on an “ambassadorial position”. “I’m assured that PMC is the appropriate accomplice for Artforum as we deepen our dedication to our neighborhood and construct new methods to speak our mission throughout quite a lot of media,” Velasco says in a press release.

Artforum, which is printed month-to-month, was launched in 1962. Velasco, who was appointed editor in chief in 2017, first joined in 2005, changing into the positioning’s editor in 2008. He succeeded Michelle Kuo who resigned after a lawsuit was filed in New York Supreme Court docket accusing the previous Artforum writer Knight Landesman of sexual harassment. The lawsuit was dismissed in 2019; final yr, the journal settled the lengthy operating authorized dispute linked to the accusations with former worker Amanda Schmitt.

In accordance with the Monetary Occasions, a Public Funding Fund arrange by the Saudi Arabian authorities invested $200m within the Penske Media Group in 2018.

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