Billboard 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 Billboard and 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 (April 18).

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 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.