December 7, 2022, New York, NY: Today, Penske Media Corporation (PMC) announced the acquisition of Artforum International Magazine, a leading voice in the contemporary art world. Artforum will join PMC’s constellation of brands as it celebrates its 60th anniversary year. Since its founding in 1962, Artforum has been at the vanguard of contemporary art criticism, and throughout its history has remained the voice of record for the art world.
Publisher Danielle McConnell and Associate Publisher Kate Koza will continue to lead Artforum operations, with Editor David Velasco helming editorial initiatives. Longtime publisher and Artforum shareholder, Anthony Korner, will remain engaged with the publication in an ambassadorial role. Artforum 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 Chairman and CEO of Penske Media, Jay Penske. “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.”
“Our highest priority is to maintain the continued legacy of our print publication while ensuring a vigorous digital expansion,” said McConnell. 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.”
“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,” said Korner. “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.”
“I look forward to continuing our work with the brilliant writers, artists, and editors who have made this magazine a touchstone for generations,” said Velasco. “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.”
“The unparalleled talents of our staff and writers have solidified Artforum’s reputation as the standard-bearer of contemporary art criticism over the years,” said Koza. “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.”
Greenhill & Co. served as financial advisor and Vedder Price served as legal counsel to Artforum.
Penske Media Corporation (PMC) is a leading global media and information services company whose award-winning content attracts a passionate audience. Since 2004, PMC has been a pioneer in digital media and a platform innovator, reaching viewers on all screens across its ever-growing constellation of iconic brands, which include Variety, Rolling Stone, The Hollywood Reporter, Billboard, WWD, SHE Media, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Gold Derby, and Spy.com, among many others. PMC’s journalists and content creators deliver daily the most comprehensive news and information in their industries and areas of coverage, unequaled in ambition, depth, and courage. In addition, PMC owns several vital 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 believes companies should not only be profitable but also forces for good.
Artforum is the magazine of record for the contemporary art industry and holds the unique roles of institution, nexus, and foremost tastemaker of the art world. It delivers the highest level of critical discourse about contemporary visual culture to a diverse international audience and is often the first to identify artists whose work comes to define eras. Launched in California in 1962, Artforum moved to New York in 1967, where it is still based.