Hollywood Reporter Parent P-MRC Strikes Deal to Invest in SXSW

Hollywood Reporter Parent P-MRC Strikes Deal to Invest in SXSW
South by Southwest has struck a deal with P-mrc, a joint venture between Penske Media Corporation and MRC that includes publishing brands such as The Hollywood Reporter, that will make P-mrc a long-term partner and stakeholder in the festival, the companies announced in a joint release Sunday night.

P-mrc — whose holdings also include Billboard, Rolling Stone, Variety and Vibe — will bring “media expertise and new avenues for discovery” to the Austin, Texas-based event. The deal will also involve looking at an expansion of SXSW with new events and business models.

P-mrc will reportedly take a 50% stake in the business. The ...
See full article at The Hollywood Reporter »

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