A 50% stake in SXSW is being acquired by P-MRC, the joint venture from Rolling Stone, Variety, and Deadline parent company Penske Media Corporation and MCR Entertainment (Billboard, The Hollywood Reporter, and Vibe) which was created when the companies entered into a partnership last year, The Wall Street Journal reports. The event will continue to be managed and operated by its founders, but P-MRC will own the largest stake in the company.
"It’s been an incredibly tough period for small businesses, SXSW included," SXSW co-founder and chief executive Roland Swenson 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. 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."