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Austin M&A deals: SXSW sells 50% stake; Enverus gets new owner

Austin M&A deals: SXSW sells 50% stake; Enverus gets new owner
bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.

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SXSW sells 50% to Billboard, Rolling Stone publisher Penske Media

SXSW sells 50% to Billboard, Rolling Stone publisher Penske Media
The publisher of Rolling Stone, Billboard, Vibe, and Variety, Penske Media has bought a 50% stake in SXSW.
“a true lifeline”
The SXSW festival and conference were struggling after they were canceled in 2020 and forced online in 2021 due to the pandemic.
“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 community of highly engaged creative professionals.” ....

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Penske Media Acquires Major Stake in South by Southwest Festival

Penske Media Acquires 50% Stake in South by Southwest Festival
Deal comes as SXSW and other events have been put on hold due to the pandemicSean Burch | April 19, 2021 @ 7:57 AM
Last Updated: April 19, 2021 @ 8:00 AM
Getty Images
P-MRC, the joint venture of publisher Penske Media and MRC, announced a significant investment in South by Southwest, the popular Austin, Texas festival, on Monday. The Wall Street Journal reported P-MRC will acquire 50% of SXSW in the deal, although financial terms were not disclosed.
The deal adds to P-MRC’s expanding list of holdings, which already includes a number of media outlets, including Variety, The Hollywood Reporter and Rolling Stone. It also comes after the festival and conference business has essentially vanished over the last year due to the coronavirus pandemic; SXSW which typically has an eclectic mix of entertainment, music and tech-focused shows and conferences was forced to have a condensed, onli ....

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SXSW sells 50% stake to Penske Media Corp.

SXSW sells 50% stake to Penske Media Corp.
statesman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from statesman.com Daily Mail and Mail on Sunday newspapers.

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Twitter (NYSE:TWTR), Facebook, Inc. (NASDAQ:FB) - SXSW Stake Sold to P-MRC, Publisher of Rolling Stone and Vibe

Twitter (NYSE:TWTR), Facebook, Inc. (NASDAQ:FB) - SXSW Stake Sold to P-MRC, Publisher of Rolling Stone and Vibe
benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.

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