Media and entertainment companies Penske Media Corporation and MRC have entered a joint venture deal to establish PRMC, it was announced today (Sept. 23) by PMC CEO Jay Penske and MRC CEOs Asif Satchu and Modi Wiczyk.
The deal puts iconic entertainment brands including PMC’s Rolling Stone, Variety and Music Business Worldwide, and MRC’s Billboard, The Hollywood Reporter and VIBE under the same roof. PMC acquired Variety in 2012, and invested in Music Business Worldwide earlier this year.
Penske Media Corporation will lead PMRC’s day-to-day operations. MRC will make use of its content production assets—including Dick Clark Productions—to develop new content and business opportunities. MRC also brings its production infrastructure to the deal, including the Netflix show Ozark and movies such as Knives Out.
There will be a transition period throughout the end of the year. According to the release, there are no leadership changes at PMC or MRC as a result of the ventures and both PMC and MRC will continue to operate independently.
“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 Penske. “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.”
“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,” said Satchu and Wiczyk.
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September 23, 2020 at 11:50PM
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PMC, MRC Enter Joint Venture To Operate 'Billboard,' 'Rolling Stone,' More : - musicrow.com
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