P-MRC, VIBE’s parent company, has purchased a stake in South by Southwest in a new deal. In the joint venture by Penske Media Corporation (PMC) and MRC, P-MRC will invest in SXSW Holdings as a stakeholder and long-term partner to expand the brand’s events and business model, while bringing “media expertise and new avenues for discovery to SXSW’s iconic event.”
“It has been an incredibly tough period for small businesses, SXSW included,” said SXSW 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.”
Jay Penske, Chairman and Chief Executive Officer of Penske Media, said, “We are grateful and proud to become enduring partners with SXSW and collaborate with its exceptional team. 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.”
P-MRC’s holdings include Billboard, Rolling Stone, and more.