(CelebrityAccess) — Penske Media Corporation, the media conglomerate that owns Variety and Rolling Stone, has taken a “substantial” equity stake in online music news service Music Business Worldwide.
Founded in 2003 by Jay Penske, the son of Robert Penske, PMC also owns other high profile media brands in the world of music and entertainment, including Rolling Stone, Deadline Hollywood, Variety, and BGR.
According to MBW, the publication signed first signed a global media deal with Penske in 2018 and the most recent investment will position MBW to collaborate more fully with Penske’s other media assets, particularly Rolling Stone.
“We continue to be impressed with Tim and MBW’s strong relationships and expertise in covering the business of music,” said PMC Chairman and CEO, Jay Penske in a statement provided to MBW.
“In particular, Tim and his talented team have tapped into a top tier global audience with quality well above and beyond offerings by competitors. We see significant potential in what we will build together,” Penske added.
The financial terms of the transaction were not disclosed.