Variety, and Vibe, and plan to offer up their media expertise to the iconic event, which saw significant losses last year as a result of the ongoing COVID-19 pandemic. The deal also expands SXSW’s potential for new events and business models. “It has been an incredibly tough period for small businesses, SXSW included,” said CEO and co-founder Roland Swenson in a statement. “When Jay Penske approached us with an interest in becoming a partner, it was a true lifeline for us. Both of our companies share a passion for producing high quality content that helps shape modern culture, so this feels like a natural alliance. Now we are focused on the March 2022 event, and we’re honored to embark on a new chapter of SXSW with both his experience and the capabilities of P-MRC at our side.”