P-MRC, the parent company behind brands such as Billboard and Rolling Stone, has announced a partnership with South by Southwest (SXSW) that will make P-MRC a long-term partner and stakeholder in the festival.
P-MRC, a joint venture between Penske Media Corporation and MRC, have holdings that also include publications Variety, The Hollywood Reporter and Vibe. SXSW was started in 1987 and its founders will continue to run the Austin, Texas-based festival.
According to Billboard, P-MRC will bring “media expertise and new avenues for discovery” to the event. The deal will also involve looking at an expansion of SXSW with new events and business models. The Wall Street Journal reports that P-MRC will take a 50% stake in SXSW.
After being forced to cancel the 2020 festival due to the pandemic, the company was met with a great financial blow. In a quote to Billboard, SXSW CEO and co-founder Roland Swenson called the partnership with P-MRC “a true lifeline.”
SXSW recently announced that the next edition will take place March 11-20, 2022.
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