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 akin to Selection and Rolling Stone. The transfer means the modern artwork journal joins the identical secure as ARTnews and Artwork in America, which have been acquired by Penske in 2018 (in 2015 each publications have been merged in a deal that made the newsprint magnate Peter Brant the bulk shareholder).

“Artforum will stay editorially unbiased of different Penske Media manufacturers, together with current titles ARTnews and Artwork in America. Phrases of the transaction weren’t disclosed,” an announcement 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 subject, takes on an “ambassadorial function”. “I’m assured that PMC is the proper accomplice for Artforum as we deepen our dedication to our group and construct new methods to speak our mission throughout a wide range of media,” Velasco says in an announcement.

Artforum, which is printed month-to-month, was launched in 1962. Velasco, who was appointed editor in chief in 2017, first joined artforum.com in 2005, turning 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 line with the Monetary Occasions, a Public Funding Fund arrange by the Saudi Arabian authorities invested $200m within the Penske Media Group in 2018.