Penske Media Corporation said Wednesday that it has acquired Artforum International Magazine, a leading publication in the contemporary art world.
Artforum, which celebrates its 60th anniversary this year, will join PMC’s portfolio of brands, which also includes The Hollywood Reporter.
Publisher Danielle McConnell and associate publisher Kate Koza will continue to lead Artforum operations, with editor David Velasco leading editorial initiatives. Longtime publisher and Artforum shareholder Anthony Korner will continue to work with the publication in an ambassadorial role.
Artforum, which is based in New York, will remain editorially independent of other Penske Media brands, including existing titles ARTnews and Art in America. Terms of the transaction were not disclosed.
“Artforum’s quality and authority in the art world is unparalleled,” said Jay Penske, chairman and CEO of Penske Media. “Over the last 60 years, they have built a culture- and genre-defining brand known around the world, with one of the few insightful global perspectives on art. I have great admiration for the hard work Tony, Danielle, Kate, and David have done to make Artforum such a success. I look forward to a bright future with this very talented team.”
PMC also owns Variety, Rolling Stone, Billboard, WWD, SHE Media, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Gold Derby and Spy.com, among others.
“Our highest priority is to maintain the continued legacy of our print publication while ensuring a vigorous digital expansion,” McConnell said. “We are thrilled to work alongside Jay Penske, who has understood these objectives from the outset. PMC’s media infrastructure will provide dynamic, amplified opportunities for Artforum’s international community of artists, galleries, museums and other valued partners.”
Added Korner: “I’m proud to have been part of Artforum’s impressive evolution as the leading voice and record of contemporary art during my time as publisher. As Artforum looks to its next chapter, we have found a strong steward in Jay Penske and PMC. PMC is committed to Artforum’s mission and invested in ensuring the magazine continues to uphold the highest editorial standards in the industry.”
Velasco and Koza also applauded the new partnership.
“I look forward to continuing our work with the brilliant writers, artists, and editors who have made this magazine a touchstone for generations,” Velasco said. “I’m confident that PMC is the right partner for Artforum as we deepen our commitment to our community and build new ways to communicate our mission across a variety of media.”
Said Koza: “The unparalleled talents of our staff and writers have solidified Artforum’s reputation as the standard-bearer of contemporary art criticism over the years. Since 2020, we have expanded Artforum’s digital footprint in ways that complement and enliven the mission of the print magazine, and we are excited to foster further growth across our platforms. We have found a strong partner in PMC, whose resources will support our team’s creativity and vision and help us carry Artforum’s legacy into the future.”
PMC also owns several cultural events, such as SXSW, LA3C and Life is Beautiful. Headquartered in New York and Los Angeles, with additional offices in 14 countries worldwide, PMC’s philosophy is that companies should not only be profitable but also forces for good.