Penske Media Acquires Major Stake In SXSW To Become Long-Term Partner In Festival
P-MRC Holdings has made a deal with South by Southwest that would make the media company a long-term partner with and shareholder of the Austin festival. P-MRC, which has acquired 50% of SXSW per WSJ, is a joint venture between Deadline parent company Penske Media Corporation and MRC.
“It has been an incredibly tough period for small businesses, SXSW included,” said CEO and Co-Founder Roland Swenson. “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’s management team and core business will remain unchanged. The next edition of the festival is slated for March 2022. Last year, SXSW became one of the first major live events to be canceled at the onset of the coronavirus pandemic, which was a major hit to the organizers and the local economy. As a result, the festival laid off a third of its staff. This year, SXSW held a virtual edition, with hopes to return to in-person experience in 2022.
“We are grateful and proud to become enduring partners with SXSW, and collaborate with its exceptional team,” said Jay Penske, Chairman and Chief Executive Officer of Penske Media, said. “Since 1987, SXSW has been the world’s premier festival centered at the convergence of tech, media, film, and music. Today SXSW continues to be one of the most recognized brands for empowering creative talent and bringing together the brightest creators of our time. As part of this significant investment, we plan to build upon SXSW’s incredible foundation while extending the platform further digitally and assisting Roland and his incredible team to bring their vision to even greater heights.”
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