Build Network Before Publications
Share
Jay Penske built a successful media empire by starting with an ad network and systematically acquiring publications to implement it across. The company, Penske Media Corporation (PMC), has grown into one of the few consistently profitable large media companies.
Key Points:
-
Initial Strategy:
- Started with mail.com domain
- Sold domain for profit
- Created ad network in early 2000s
- Used ad network as initial cash flow generator
-
Acquisition Strategy:
- Started buying publications to implement ad network
- Gradually acquired more media properties over 20 years
- Now owns major properties including:
- South by Southwest
- Rolling Stone
- Hollywood Reporter
- Billboard
- Variety
- Parts of Vox
-
Operational Approach:
- Maintains profitability across properties
- Balances autonomy with strict operational standards
- Personally interviews all new hires
- Keeps 60% ownership of company
-
Growth Strategy:
- Bootstrapped for first ~15 years
- Later raised $200M at $1B valuation
- Uses funding for further acquisitions
- Reaches approximately 1 in 2 Americans monthly through various properties
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.