PENSKE-MRC ANNOUNCES STRATEGIC INVESTMENTS IN SXSW,
DEMONSTRATING CONVICTION IN THE FUTURE OF LIVING EVENTS
Austin, Texas – April 19, 2021 – South by Southwest® (SXSW®) and P-MRC Holdings, LLC. today announced a partnership that will bring P-MRC together as a long-term partner and shareholder of SXSW, LLC. P-MRC, a joint venture between Penske Media Corporation and MRC, whose holdings include some of the most influential entertainment and music brands including Billboard, The Hollywood Reporter, Rolling Stone, Variety, and Vibe, will bring media literacy and new avenues for discovery to the world legendary event of SXSW. The deal will also expand SXSW’s potential for new events and business models.
“It was an incredibly difficult time 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 real lifeline for us. Our two companies share a passion for producing high quality content that shapes modern culture. So this feels like a natural alliance. We are now concentrating on the event in March 2022 and are honored to be able to open a new chapter of SXSW with his experience and the skills of P-MRC at our side.
Jay Penske, Chairman and Chief Executive Officer of Penske Media, said, “We are grateful and proud to become permanent partners of SXSW and to work with their exceptional team. Since 1987, SXSW has been the world’s leading festival focusing on the convergence of technology, media, film and music. SXSW is still one of the best-known brands today for nurturing creative talent and bringing together the best creators of our time. As part of this significant investment, we plan to build on the incredible foundation of SXSW, continue to grow the platform digitally, and help Roland and his incredible team further improve their vision. ”
SXSW’s management team and core business will remain unchanged to continue to focus on the Austin March 2022 event. This partnership explores new opportunities for delivering high quality programming to the diverse community of highly dedicated creative professionals.
SXSW is committed to helping creative people achieve their goals. Founded in 1987 in Austin, Texas, SXSW is known for its conferences and festivals that celebrate the convergence of the interactive, film and music industries. In 2021 the event switched to a digital format. SXSW Online offered conference sessions, music cases, film screenings, an XR event, exhibitions, and a variety of networking and professional development opportunities. SXSW 2022 is a major destination for global professionals and will take place from March 11th to 20th. Further information is available at: sxsw.com.
About Penske Media Corporation (PMC)
PMC is a leading independent global 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 digital media pioneer and platform innovator reaching out to viewers on all screens in its ever-growing constellation of iconic brands including ., Variety, Rolling Stone, The Hollywood Reporter, Billboard, WWD and SHE Medien, Robb Report , Sportico, BGR, ARTnews, Art in America, Fairchild Media, and Spy.com among many others. Together, these brands offer customers the opportunity to reach influential audiences on a large scale through editorial, advertising, and other marketing solutions. PMC’s journalists and creators deliver the most comprehensive news and information in their industries and fields on a daily basis, unparalleled in terms of ambition, depth and courage. PMC is headquartered in New York and Los Angeles and has additional offices in 14 countries around the world. According to PMC, companies should not only be profitable, they should work forever. Further information on PMC, our 2% Foundation and our brand portfolio can be found at: http://www.pmc.com/.
MRC is a diversified global entertainment company with businesses such as film, television, live & alternative, and nonfiction, as well as joint ventures in data and publishing. MRC Television is the largest and most award-winning independent television studio in North America. MRC Live & Alternative is the world’s largest producer and owner of live event entertainment. MRC Film and Nonfiction sources, develop, finance, and produce critically acclaimed films, documentaries, and documentaries. MRC has a controlling interest in Civic Center Media, A-Major Media and minority interests in A24, Fulwell 73, Sugar23 and T-Street. For more information on MRC EntertainmentTM, please visit: www.mrcentertainment.com.