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Penske Media Corporation Wiki2Web Clarity Challenge

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Study Guide: Penske Media Corporation: History, Acquisitions, and Portfolio

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Penske Media Corporation: History, Acquisitions, and Portfolio Study Guide

Founding and Early Evolution (2003-2011)

Velocity Services, Inc., the original name for Penske Media Corporation, primarily focused on affinity marketing and internet services.

Answer: False

Explanation: Velocity Services, Inc. initially concentrated on affinity marketing and internet services, not digital advertising and social media management.

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Mail.com Media Corporation (MMC) secured a $35 million growth equity round of financing in mid-2008.

Answer: False

Explanation: Mail.com Media Corporation secured a $35 million growth equity round of financing in mid-2008, not early 2008.

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By 2008, Mail.com Media Corporation's digital entertainment properties included *Hollywood Life* and *Movieline*.

Answer: True

Explanation: By 2008, Mail.com Media Corporation's portfolio indeed included *Hollywood Life* and *Movieline* among its digital entertainment properties.

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In February 2010, MMC established a joint venture with Zee TV to develop the India.com web portal and seven other related portals.

Answer: True

Explanation: MMC did establish a joint venture with Zee TV in February 2010 for the development of the India.com web portal and several other related portals.

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MMC purchased *Boy Genius Report* (BGR) in April 2010, subsequently moving the blog to BGR.com, with Jonathan Geller continuing as Editor in Chief.

Answer: True

Explanation: MMC acquired *Boy Genius Report* (BGR) in April 2010, moved it to BGR.com, and retained Jonathan Geller as Editor in Chief.

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The Mail.com email and portal service was sold to United Internet in September 2010, with MMC remaining its primary content provider.

Answer: True

Explanation: The Mail.com email and portal service was indeed sold to United Internet in September 2010, and MMC continued as its primary content provider.

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Mail.com Media Corporation officially changed its name to Penske Media Corporation in 2012.

Answer: False

Explanation: Mail.com Media Corporation officially changed its name to Penske Media Corporation in 2012, not 2010.

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What was Penske Media Corporation's initial name and its original business focus?

Answer: Velocity Services, Inc., focused on affinity marketing and internet services.

Explanation: Penske Media Corporation initially operated as Velocity Services, Inc., concentrating on affinity marketing and internet services.

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Which of the following digital entertainment properties was part of Mail.com Media Corporation's portfolio by 2008?

Answer: *Hollywood Life*

Explanation: By 2008, *Hollywood Life* was among Mail.com Media Corporation's digital entertainment properties.

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What was the immediate change after Mail.com Media Corporation (MMC) acquired Jonathan Geller's *Boy Genius Report* (BGR) in April 2010?

Answer: MMC moved the blog to a new URL, BGR.com, and broadened its scope.

Explanation: After acquiring BGR in April 2010, MMC moved the blog to BGR.com and expanded its technology coverage, with Jonathan Geller remaining Editor in Chief.

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In what year did Mail.com Media Corporation officially change its name to Penske Media Corporation?

Answer: 2012

Explanation: Mail.com Media Corporation officially changed its name to Penske Media Corporation in 2012.

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What significant financial milestone did Mail.com Media Corporation achieve in mid-2008?

Answer: It secured a $35 million growth equity round of financing.

Explanation: In mid-2008, Mail.com Media Corporation secured a $35 million growth equity round of financing.

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What transaction occurred with the Mail.com email and portal service in September 2010?

Answer: It was sold to United Internet, with MMC remaining the primary content provider.

Explanation: In September 2010, the Mail.com email and portal service was sold to United Internet, with MMC continuing as its primary content provider.

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Strategic Acquisitions and Portfolio Expansion (2012-2016)

Mail.com Media Corporation acquired *Deadline Hollywood Daily* in early 2009 after it was managed by *LA Weekly*.

Answer: False

Explanation: Mail.com Media Corporation acquired *Deadline Hollywood Daily* in early 2009, and it was previously managed by *LA Weekly*, not *The New York Times*.

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Penske Media Corporation (PMC) acquired Variety Inc. in October 2012 for an estimated $25 million, with financial backing from Third Point LLC.

Answer: True

Explanation: PMC acquired Variety Inc. in October 2012 for an estimated $25 million, supported by Third Point LLC.

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Following the acquisition of *Variety*, PMC eliminated the website's paywall and ceased the print edition of *Daily Variety*.

Answer: False

Explanation: After acquiring *Variety*, PMC eliminated the website's paywall and ceased the print edition of *Daily Variety*, rather than maintaining the paywall and increasing print frequency.

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The paywall for Variety.com was removed on March 1, 2013, while the last *Daily Variety* print edition was published on March 19, 2013.

Answer: False

Explanation: The paywall for Variety.com was removed on March 1, 2013, which was not the same day the last *Daily Variety* print edition was published (March 19, 2013).

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In late 2014, PMC acquired Fairchild Fashion Media from Condé Nast for a sum just under $100 million, including *Women's Wear Daily* (WWD) and *Footwear News*.

Answer: True

Explanation: PMC acquired Fairchild Fashion Media from Condé Nast in late 2014 for just under $100 million, which included *Women's Wear Daily* (WWD) and *Footwear News*.

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Condé Nast retained ownership of Style.com and *W* after selling Fairchild Fashion Media to PMC, while PMC acquired *Beauty Inc.*

Answer: False

Explanation: Condé Nast retained Style.com and *W*, while PMC acquired *Beauty Inc.* as part of the Fairchild Fashion Media deal.

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Penske Media Corporation (PMC) acquired Gold Derby, a data platform for awards predictions, in July 2015.

Answer: True

Explanation: PMC acquired Gold Derby, a data platform specializing in awards predictions, in July 2015.

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IndieWire, an independent film and television publication, was acquired by Penske Media Corporation (PMC) in January 2016 from SnagFilms, Inc.

Answer: True

Explanation: PMC acquired IndieWire, an independent film and television publication, from SnagFilms, Inc. in January 2016.

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When did Mail.com Media Corporation acquire *Deadline Hollywood Daily*?

Answer: Early 2009

Explanation: Mail.com Media Corporation acquired *Deadline Hollywood Daily* in early 2009.

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What strategic change did Penske Media Corporation (PMC) implement for *Variety*'s operations after its acquisition in 2012?

Answer: Eliminated the website's paywall and ceased the print edition of *Daily Variety*.

Explanation: After acquiring *Variety* in 2012, PMC eliminated the website's paywall and discontinued the print edition of *Daily Variety*.

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Which of the following Fairchild properties did Condé Nast choose to retain after selling Fairchild Fashion Media to Penske Media Corporation (PMC) in late 2014?

Answer: Style.com

Explanation: After selling Fairchild Fashion Media to PMC, Condé Nast retained ownership of Style.com and *W*.

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What data platform and website focused on awards predictions did Penske Media Corporation (PMC) purchase in July 2015?

Answer: Gold Derby

Explanation: PMC acquired Gold Derby, a data platform specializing in awards predictions, in July 2015.

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What was the estimated acquisition cost for Penske Media Corporation (PMC) when it acquired Variety Inc. in October 2012?

Answer: $25 million

Explanation: PMC acquired Variety Inc. in October 2012 for an estimated $25 million.

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When did *Variety*'s paywall come down, and when was the last *Daily Variety* print edition published?

Answer: Paywall: March 1, 2013; Last print: March 19, 2013

Explanation: Variety.com's paywall was removed on March 1, 2013, and the last *Daily Variety* print edition was published on March 19, 2013.

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Further Growth and Joint Ventures (2017-Present)

Penske Media Corporation became the full owner of *Rolling Stone* magazine by acquiring a majority stake from Wenner Media in 2017 and the remaining stake from BandLab Technologies in 2019.

Answer: True

Explanation: PMC achieved full ownership of *Rolling Stone* magazine through a two-step acquisition process: a majority stake in 2017 and the remaining stake in 2019.

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Between 2017 and 2018, Penske Media Corporation (PMC) expanded into the music and art sectors by investing in BuzzAngle Music and acquiring Art Media Holdings.

Answer: True

Explanation: PMC expanded its presence in the music and art sectors between 2017 and 2018 through an investment in BuzzAngle Music and the acquisition of Art Media Holdings.

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The joint venture PMRC, announced in September 2020, resulted in Penske Media Corporation (PMC) assuming operations of MRC Media & Info publications such as *The Hollywood Reporter* and *Billboard* magazine.

Answer: True

Explanation: The PMRC joint venture, announced in September 2020, indeed led to PMC taking over operations for MRC Media & Info publications, including *The Hollywood Reporter* and *Billboard*.

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In 2021, Penske Media Corporation acquired a 50 percent stake in the South by Southwest festival.

Answer: False

Explanation: Penske Media Corporation acquired a 50 percent stake in the South by Southwest festival in 2021, not 75 percent.

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Penske Media Corporation (PMC) sold *Hollywood Life* in 2021, an entertainment news website founded by Bonnie Fuller.

Answer: True

Explanation: PMC sold *Hollywood Life*, an entertainment news website founded by Bonnie Fuller, in 2021.

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In 2022, Penske Media Corporation (PMC) acquired a majority stake in the Life Is Beautiful Music & Art Festival and placed it under the *Rolling Stone* division.

Answer: False

Explanation: PMC acquired a majority stake in the Life Is Beautiful Music & Art Festival in 2022 and placed it under the *Rolling Stone* division, not *Variety*.

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Penske Media Corporation (PMC) acquired *Artforum* and *Bookforum* in 2022, with *Bookforum* ceasing publications later that year.

Answer: True

Explanation: PMC acquired *Artforum* and *Bookforum* in 2022, and *Bookforum* did cease publications later that year.

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Penske Media Corporation launched the LA3C, a new music festival, in Los Angeles in 2022.

Answer: False

Explanation: Penske Media Corporation launched the LA3C as a new music festival in Los Angeles in 2022, not a film festival.

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In January 2023, a stake in Dick Clark Productions was transferred to Penske Media Corporation (PMC) through the joint venture Penske Media Eldridge.

Answer: True

Explanation: A stake in Dick Clark Productions was transferred to PMC in January 2023 via the Penske Media Eldridge joint venture.

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Penske Media Corporation (PMC) became the largest shareholder in Vox Media in February 2023 by acquiring a 20% stake, resulting in Jay Penske joining its board of directors.

Answer: True

Explanation: PMC acquired a 20% stake in Vox Media in February 2023, becoming the largest shareholder and leading to Jay Penske's appointment to its board.

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How did Penske Media Corporation eventually become the full owner of *Rolling Stone* magazine?

Answer: By purchasing a majority stake from Wenner Media in 2017 and the remaining stake from BandLab Technologies in 2019.

Explanation: PMC acquired full ownership of *Rolling Stone* through a two-step process: a majority stake from Wenner Media in 2017 and the remaining stake from BandLab Technologies in 2019.

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What significant stake did Penske Media Corporation (PMC) acquire in the South by Southwest festival in 2021?

Answer: A 50 percent stake

Explanation: In 2021, PMC acquired a 50 percent stake in the South by Southwest festival.

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Which major music and art festival did Penske Media Corporation (PMC) acquire a majority stake in during 2022, and under which division was it placed?

Answer: Life Is Beautiful Music & Art Festival, placed under the *Rolling Stone* division.

Explanation: In 2022, PMC acquired a majority stake in the Life Is Beautiful Music & Art Festival and placed it under the *Rolling Stone* division.

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What new cultural event did Penske Media Corporation (PMC) launch in Los Angeles in 2022?

Answer: The LA3C music festival

Explanation: In 2022, PMC launched the LA3C, a new music festival in Los Angeles.

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What significant investment did Penske Media Corporation (PMC) make in Vox Media in February 2023?

Answer: Acquired a 20% stake and became the largest shareholder, with Jay Penske joining the board.

Explanation: In February 2023, PMC acquired a 20% stake in Vox Media, becoming its largest shareholder and leading to Jay Penske's appointment to its board.

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Between 2017 and 2018, what additional acquisitions and investments did Penske Media Corporation (PMC) make in the music and art sectors?

Answer: Invested in BuzzAngle Music and acquired Art Media Holdings.

Explanation: Between 2017 and 2018, PMC invested in BuzzAngle Music and acquired Art Media Holdings to expand its presence in the music and art sectors.

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What happened to the *Hollywood Life* website in 2021?

Answer: It was sold by PMC.

Explanation: In 2021, Penske Media Corporation sold the *Hollywood Life* website.

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Which contemporary art magazines did Penske Media Corporation (PMC) acquire in 2022, and what was the outcome for one of them?

Answer: *Artforum* and *Bookforum*, with *Bookforum* ceasing publication.

Explanation: In 2022, PMC acquired *Artforum* and *Bookforum*, with *Bookforum* ceasing publication later that year.

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Key Publications and Brands Overview

*Variety* magazine, a leading trade paper for the entertainment industry, was acquired by Penske Media Corporation (PMC) in 2012 for approximately $30 million.

Answer: False

Explanation: *Variety* magazine was acquired by PMC in 2012 for approximately $30 million, confirming its status as a leading entertainment trade paper.

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*Rolling Stone* magazine was founded in San Francisco in 1967 by Jann Wenner and Ralph J. Gleason.

Answer: False

Explanation: *Rolling Stone* magazine was founded in San Francisco, not New York City, in 1967 by Jann Wenner and Ralph J. Gleason.

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Under Penske Media Corporation's (PMC) ownership, the American edition of *Rolling Stone* transitioned to a monthly publication format.

Answer: True

Explanation: Under PMC's ownership, the American edition of *Rolling Stone* transitioned to a monthly publication format, as part of its editorial evolution.

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*Rolling Stone* magazine currently publishes in 15 international markets worldwide.

Answer: False

Explanation: *Rolling Stone* magazine publishes in 15 international markets, not 10.

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The *Robb Report* is a luxury-lifestyle magazine that covers high-end products and experiences such as luxury automobiles, aviation, and real estate.

Answer: True

Explanation: The *Robb Report* is indeed a luxury-lifestyle magazine covering high-end products like automobiles, aviation, and real estate.

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*Deadline Hollywood* was founded by Nikki Finke in 2006 and acquired by Penske Media in June 2009.

Answer: True

Explanation: *Deadline Hollywood* was founded by Nikki Finke in 2006 and acquired by Penske Media in June 2009.

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*Women's Wear Daily* (WWD) is considered the 'Bible of the fashion industry' and is a property of Fairchild Fashion Media, which Penske Media Corporation (PMC) acquired.

Answer: True

Explanation: *Women's Wear Daily* (WWD) is widely recognized as the 'Bible of the fashion industry' and was acquired by PMC as part of Fairchild Fashion Media.

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*Sportico* was launched by Penske Media Corporation (PMC) on June 30, 2020, to cover the sports business and media industries.

Answer: True

Explanation: *Sportico* was launched by PMC on June 30, 2020, specifically to cover the sports business and media industries.

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*Sportico* enhanced its coverage of college sports in December 2020 by acquiring *The Intercollegiate*.

Answer: False

Explanation: *Sportico* enhanced its college sports coverage in December 2020 by acquiring *The Intercollegiate*, not *College Sports Journal*.

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BollywoodLife.com is an entertainment and celebrity news website focused on Indian popular culture, reporting over 20 million monthly active users.

Answer: True

Explanation: BollywoodLife.com is an entertainment and celebrity news website dedicated to Indian popular culture, with a reported reach of over 20 million monthly active users.

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*Gold Derby* was founded in 2000 as an entertainment news forum and has been presenting its TV and Film Awards since 2002.

Answer: True

Explanation: *Gold Derby* was founded in 2000 as an entertainment news forum and has been presenting its TV and Film Awards since 2002.

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Dick Clark Productions' portfolio includes the Golden Globe Awards, American Music Awards, and Streamy Awards.

Answer: True

Explanation: Dick Clark Productions' portfolio includes the Golden Globe Awards, American Music Awards, and Streamy Awards, among others.

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What was the original focus of *Rolling Stone* magazine upon its founding in 1967?

Answer: In-depth musical coverage and impactful political reporting.

Explanation: Upon its founding in 1967, *Rolling Stone* magazine was known for its in-depth musical coverage and impactful political reporting.

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How many international markets does *Rolling Stone* magazine currently publish in?

Answer: 15 countries

Explanation: *Rolling Stone* magazine currently publishes in 15 international markets worldwide.

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Which publication is widely regarded as the 'Bible of the fashion industry' and is owned by Penske Media Corporation (PMC) through its acquisition of Fairchild Fashion Media?

Answer: *Women's Wear Daily* (WWD)

Explanation: *Women's Wear Daily* (WWD) is widely recognized as the 'Bible of the fashion industry' and is a PMC property through its acquisition of Fairchild Fashion Media.

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When was *Sportico* launched by Penske Media Corporation (PMC), and what specific industry does it cover?

Answer: June 2020, covering the sports business and media industries.

Explanation: *Sportico* was launched by PMC on June 30, 2020, to cover the sports business and media industries.

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How did *Sportico* enhance its coverage of college sports in December 2020?

Answer: By acquiring *The Intercollegiate*, a college sports media outlet.

Explanation: *Sportico* enhanced its college sports coverage in December 2020 by acquiring *The Intercollegiate*.

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What is BollywoodLife.com known for?

Answer: An entertainment and celebrity news website focused on Indian popular culture.

Explanation: BollywoodLife.com is an entertainment and celebrity news website dedicated to Indian popular culture.

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Which publications are specifically identified as properties under the PMRC joint venture with MRC?

Answer: *The Hollywood Reporter*, *Billboard*, and *Vibe*

Explanation: The PMRC joint venture with MRC specifically includes *The Hollywood Reporter*, *Billboard*, and *Vibe*.

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Which of these award shows is part of Dick Clark Productions' portfolio, a company partly owned by Penske Media Corporation (PMC)?

Answer: The Golden Globe Awards

Explanation: The Golden Globe Awards are part of Dick Clark Productions' portfolio, a company partly owned by PMC.

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Who founded *Deadline Hollywood*, and when did Penske Media acquire it?

Answer: Nikki Finke in 2006, acquired in June 2009.

Explanation: *Deadline Hollywood* was founded by Nikki Finke in 2006 and acquired by Penske Media in June 2009.

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Corporate Operations and Leadership

Penske Media Corporation (PMC), founded by Jay Penske in 2003, maintains its primary operational bases in Los Angeles and New York City.

Answer: True

Explanation: Penske Media Corporation was founded by Jay Penske in 2003, and its main operational hubs are in Los Angeles and New York City.

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Penske Media Corporation partnered with Shutterstock in June 2015 to license imagery from its archives.

Answer: False

Explanation: Penske Media Corporation partnered with Shutterstock, not Getty Images, in June 2015 for imagery licensing.

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Penske Media co-owns its headquarters at 475 Fifth Avenue with RFR Holding.

Answer: False

Explanation: Penske Media co-owns its headquarters at 475 Fifth Avenue with RFR Holding, not Eldridge Industries.

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Bonnie Fuller serves as the President and Editor-in-Chief of *Hollywood Life* within Penske Media Corporation's leadership team.

Answer: True

Explanation: Bonnie Fuller is listed as the President and Editor-in-Chief of *Hollywood Life* within PMC's leadership team.

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*Bookforum* and *Hollywood Life* are listed as former properties of Penske Media Corporation.

Answer: False

Explanation: *Bookforum* and *Hollywood Life* are listed as former properties of Penske Media Corporation, meaning they are no longer current subsidiaries.

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Who founded Penske Media Corporation in 2003 and what is his current role?

Answer: Jay Penske, Chairman and CEO

Explanation: Jay Penske founded Penske Media Corporation in 2003 and serves as its Chairman and CEO.

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What partnership did Penske Media Corporation establish in June 2015 concerning its imagery archives?

Answer: A partnership with Shutterstock as the exclusive licensor for imagery.

Explanation: In June 2015, Penske Media Corporation partnered with Shutterstock as the exclusive licensor for its imagery archives.

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Where is Penske Media Corporation's headquarters located, and with whom does it co-own the property?

Answer: 475 Fifth Avenue, co-owned with RFR Holding.

Explanation: Penske Media's headquarters are located at 475 Fifth Avenue and are co-owned with RFR Holding.

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Who is listed as the President and Editor-in-Chief of *Hollywood Life* within Penske Media Corporation's leadership team?

Answer: Bonnie Fuller

Explanation: Bonnie Fuller is listed as the President and Editor-in-Chief of *Hollywood Life* within PMC's leadership team.

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