Apr 20, 2021 The company that owns and operates Austin's South by Southwest festival now has a co-owner. SXSW LLC reportedly sold a 50-percent ownership stake to Penske Media Corporation, based in New York City. Penske is a magazine publisher whose titles include Billboard, Variety, and Rolling Stone. Roland Swenson, the co-founder and CEO of the festival, says it's a matter of survival. Austin city officials canceled South by Southwest last year because of the pandemic, resulting in a huge financial setback for the event. Photo: Getty Images