Bonnie Fuller, founder and co-owner of Hollywood Life, is to buy out the share of co-owner Penske Media Company (PMC). The brand was established in 2009 and covers entertainment and celebrity news online, in podcasts, video streaming and social media. Fuller is a veteran magazine executive, previously at Hearst, Conde Nast and American Media.
Hollywood Life is said to be profitable and insiders report that it has been sold for “a substantial sum” although it is not known how much is being paid or, indeed, what shareholding in the brand Fuller previously had.
The privately-owned PMC operates globally as a B2C and B2B digital and print publisher with a major focus on entertainment. Hollywood Life is claimed to have up to 40m monthly users, primarily on mobile.
PMC recently acquired Hollywood Reporter and Billboard alongside its existing Variety, Rolling Stone, and Deadline. It may be that divestment of Hollywood Life is somehow related to the complications of managing these competing brands in the eyes of journalists and/or the entertainment industry itself.
