Penske Media Corporation (PMC), FN’s parent company, continues to rapidly grow its portfolio.
The company has acquired Indiewire.com, a top website for independent film and television, from SnagFilms, Inc. Financial terms of the acquisition weren’t disclosed.
The purchase furthers Penske Media’s ascendancy in the entertainment content and news businesses. Indiewire joins PMC’s leading entertainment brands that today include Variety Inc., Deadline Hollywood, TVLine.com, Hollywood Life, Gold Derby, Variety Insight, Bollywood Life, LA411, NY411, and Variety Latino (a joint venture with Univision).
“Indiewire has a rich history as one of the early innovators in digital media—and I’ve long admired the company and its team’s dedication to informing and breaking the most essential news in independent film,” said PMC Chairman and CEO Jay Penske. “Bringing Indiewire into the PMC organization is an exciting opportunity to further ignite a pioneering brand while advancing its coverage of the TV industry, digital, and emerging OTT platforms.”
Over the past two decades, Indiewire.com has evolved into an iconic brand and must-read online destination, attracting a loyal following of filmmakers, industry leaders and fans of independently-produced movies and TV content. Under its eight-year ownership by SnagFilms Inc., Chairman Ted Leonsis and CEO Rick Allen and their team have continued to grow Indiewire’s reach and ascendance within the journalistic and creative communities.
The move follows Penske Media’s 2014 acquisition of Fairchild Media (WWD, FN, M, Beauty Inc.) from Condé Nast.