PENSKE-MRC announces strategic investment in SXSW,
Demonstrate the claim in future direct events
Austin, Texas – April 19, 2021 – South by Southwest® (SXSW®) and P-MRC Holdings, LLC. Today announced a partnership bringing together P-MRC as a long-term partner and shareholder of SXSW, LLC. P-MRC, a joint venture of Penske Media Corporation and MRC whose holdings includes some of the most influential brands in entertainment and music, including Billboard, The Hollywood Reporter, Rolling Stone, Variety and Vibe, will bring media expertise and new ways to discover the iconic event SXSW . The deal will also expand SXSW’s capabilities for new events and business models.
“It was a very difficult period for small businesses, including SXSW,” said CEO and co-founder Roland Swenson. When Jay Penske approached us with an interest in becoming a partner, it was a true lifeline for us. Both companies share a passion for producing high-quality content that helps shape modern culture, so this appears to be a natural alliance. Now we are focused on the March 2022 event, and we are honored to start a new chapter of SXSW with all of its expertise and P-MRC capabilities at our side.
Jay Penske, Chairman and CEO of Penske Media, said, “We are grateful and proud to become SXSW’s lifelong partners, and collaborate with its exceptional team. Since 1987, SXSW has been the premier festival in the world centered around the convergence of technology, media, film and music. Today, SXSW remains one of the most recognized brands of empowering creative talent and bringing together the brightest creators of our time. As part of this major investment, we plan to build on the foundation of the amazing SXSW while expanding the platform digitally and helping Roland and his amazing team bring their vision to greater heights. ”
SXSW’s management team and core business will remain unchanged in maintaining its focus on the March 2022 event in Austin, and with this partnership it seeks to explore new capabilities in providing high-quality programs to its diverse community of highly engaged creative professionals.
SXSW is dedicated to helping creative people achieve their goals. Founded in 1987 in Austin, Texas, SXSW is known for its conferences and festivals celebrating the convergence of the interactive, film and music industries. In 2021, the event has migrated to a digital format. SXSW Online has offered conference sessions, music performances, film screenings, XR event, exhibitions, and a variety of networking and professional development opportunities. A prime destination for global professionals, SXSW 2022 will take place from March 11-20. For more information, please visit: sxsw.com.
About Penske Media Corporation (PMC)
PMC is a leading global independent media and information services company whose award-winning content attracts a passionate monthly audience of more than 310 million people. Since 2004, Penske Media has been a pioneer in digital media and an innovator for platforms, reaching viewers on all screens across its growing portfolio of iconic brands, which includes Deadline, Variety, Rolling Stone, The Hollywood Reporter, Billboard, WWD, SHE Media, Robb Report, Sportico, BGR, ARTnews, Art in America, Fairchild Media, Spy.com, and many more. Together, these brands provide clients with opportunities to reach an influential audience at scale through editorial, advertising, and other marketing solutions. Daily PMC corporate journalists and content creators provide the most comprehensive news and information in their industries and areas of coverage, unmatched in ambition, depth and courage. Headquartered in New York and Los Angeles with additional offices in 14 countries around the world, PMC believes that companies should not only be profitable, but must also be forces for good. To learn more about PMC, the 2% Foundation, and our portfolio of brands, please visit: http://www.pmc.com/.
MRC is a diversified global entertainment company with divisions that include film, television, direct and non-fiction as well as joint ventures in data and publishing. MRC Television is North America’s largest and largest independent television studio. MRC Live & Alternative is the largest producer and owner of broadcast live entertainment programming worldwide. MRC Film and Non-Fiction is the source, development, funding, and production of factual films and documents that are critically acclaimed and series and documentary films. MRC owns a majority stake in Civic Center Media and A-Major Media and has minority investments in A24, Fulwell 73, Sugar23 and T-Street. For more information about MRC EntertainmentTM, please visit: www.mrcentertainment.com.
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