Penske Media to Operate The Hollywood Reporter, Billboard and Vibe
Penske Media Corporation, the parent company of Variety, Rolling Stone and WWD, among others, will operate The Hollywood Reporter, Billboard and Vibe in a new partnership with MRC, effective today with a transition period through the end of 2020.
The joint venture will be known as PMRC, whose other brands will include Variety, Rolling Stone and Music Business Worldwide. PMRC’s day-to-day operations will be led by PMC, whose brands also include Deadline, WWD, SHE Media, Sportico and Robb Report, among many others. The Hollywood Reporter, Vibe and Billboard will going forward leverage the PMC infrastructure and will be part of PMC’s tech platforms, the companies said.
“These are all brands I’ve long admired. Billboard, The Hollywood Reporter, and Vibe have created some of the finest content in their respective industries and have contributed immensely to the heightened quality of journalism covering entertainment and music today,” said Jay Penske, chief executive officer of PMC. “We feel very fortunate for this valuable partnership with the exceptional MRC team and the opportunity to continue the legacy of these tremendous brands for the next many decades.”
MRC ceos Asif Satchu and Modi Wiczyk added: “We have a great deal of respect for Variety, Rolling Stone and Music Business Worldwide and, as importantly, the leadership at PMC who we’ve gotten to know well and look forward to partnering with in both these businesses.”
The two companies also announced a second joint venture – a content partnership that will produce television, film and other formats with access to intellectual property across the portfolio of brands. That “long-form content alliance” will be overseen by MRC, which already has produced award-winning titles including the Emmy-nominated “Ozark;” “The Outsider;” “The Great,” and “The Golden Globe Awards,” as well as the films “Knives Out,” “Ted” and “Baby Driver.”
Source: Read Full Article