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Publisher Of Rolling Stone Buys Share Of Austin's SXSW

UpdatedWed, Apr 21, 2021 at 2:04 pm CT
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The festival has been owned locally since 1987 by a group consisting mostly of its founders.
(Antonio Cantu/Patch)
AUSTIN, TX Penske Media Corp., which publishes magazines like Rolling Stone and Variety, will own a 50% stake in Austin s South by Southwest festival, according to The Wall Street Journal.
The festival has been owned locally since 1987 by a group consisting mostly of its founders.
For years, SXSW has pumped hundreds of millions of dollars into the Austin economy.
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But that changed when Austin and Travis County officials forced the 2020 festival to call off the 2020 festival a week ahead of its event because of the coronavirus pandemic. ....

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Publisher Of Rolling Stone Buys Share Of South By Southwest

The festival has been owned locally since 1987 by a group consisting mostly of its founders.
For years, SXSW was a financial juggernaut, pumping hundreds of millions of dollars into the Austin economy. But Austin and Travis County officials forced it to call off the 2020 festival a week ahead of the event because of the coronavirus pandemic. Without a conference, SXSW cut a third of its full-time staff.
The festival returned this year in a shortened, virtual form but was looking for a financial lift to get back to a full-sized festival in 2022.
Terms of the deal were not disclosed and SXSW officials were unavailable for comment. SXSW says the festival will still be run by the founders group. ....

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