Magazines. Penske Media Corp, of New York, is acquiring Art Media Holdings, parent company of the magazines ArtNews, Art in America, and Antiques, from art collector, investor and philanthropist Peter Brant. The price is said to be between $20-25m. The privately-owned Penske, which owns Variety, Rolling Stone, Deadline, WWD, and Robb Report, this year secured a $200m investment from Saudi Arabia. Founder-CEO Jay Penske has been pressured to unravel the deal in recent weeks, as a result of the grisly killing of a dissident Saudi journalist in Turkey. Whether or not Penske unwinds the investment, the controversy might derail his rumoured plans for an IPO in 2019. He might just need some other private investors to fill the gap.
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Penske buys art magazines from Peter Brant
