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South By Southwest Has a New Investor


The scene at the Convention Center, SXSW 2019 (photo by Aaron Rogosin)
South by Southwest has partnered with P-MRC, a media venture that handles publishing operations for brands like Rolling Stone, Billboard, Variety, Vibe, and the Hollywood Reporter.
The partnership functions as a vital financial lifeline for the currently cash-strapped Austin organization, which has not held an in-person event since 2019 due to the COVID-19 pandemic. SXSW co-founder and Managing Director Roland Swenson informed his staff of the deal on Sunday night and noted that, in it, SXSW retains control and management of the company.
P-MRC, minted in 2020, is a joint venture between the Beverly Hills-based MRC Media & Info and Penske Media, which is headquartered in New York City and Los Angeles. ....

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Billboard Parent P-MRC Strikes Deal to Invest in SXSW


SUZANNE CORDEIRO/AFP via Getty Images
SXSW 2020 banners are seen in the Red River Cultural District on March 6, 2020 in Austin Texas.
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. ....

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Realscreen » Archive » P-MRC takes stake in South by Southwest


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.” ....

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SXSW Stake Sold to Rolling Stone and Billboard Publisher


Rolling Stone,
Variety is now a 50% owner of SXSW,
The Wall Street Journal reports. The Austin-based music, tech, and film festival has been owned by the festival’s founders since 1987. The founders will continue to manage and operate the festival while Penske will own the largest stake in the festival.
The Texas festival was canceled in 2020 due to the COVID-19 pandemic, which led to layoffs within the company. This year, it returned as a virtual online event. An in-person festival is being planned for 2022.
“It’s been an incredibly tough period for small businesses, SXSW included,” Roland Swenson, SXSW CEO & co-founder said in a statement. “When [Penske founder] Jay Penske came to us with interest in becoming a partner, it was a true lifeline for us. While SXSW’s core business will retain its focus on the March event in Austin, this strategic investment also brings the exploration of new capabilities in providing quality programming to our diverse c ....

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