Business Insider spoke to more than 30 insiders about how Rolling Stone owner Jay Penske dodged controversy to quietly amass a media empire

He has movie-star good looks, a former Victoria's Secret model wife, and a billionaire father.

Now Jay Penske can lay claim to the second-largest audience in digital publishing in the US.

On September 23, Penske Media Corporation, or PMC, which owns Rolling Stone, Variety, and Women's Wear Daily, announced it would take control of The Hollywood Reporter, Billboard, and Vibe as part of a joint venture with the entertainment company MRC. The new entity will be called PMRC. The move will create a near-monopoly on Hollywood industry news — and put PMC ahead of publishers like Meredith, Condé Nast, and BuzzFeed, with a Comscore ranking second only to Hearst's.

Over the past 16 years, Penske, 41, the youngest son of the automobile tycoon Roger Penske, has quietly built a media empire, amassing more than 20 titles.

And despite past controversies including Saudi funding and a drunken arrest, Jay Penske has emerged as a media savior in a time when publishing is struggling.

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