Penske Media and MRC are entering into a two-part joint
venture, bringing PMC’s Variety, Rolling Stone and Music Business Worldwide together with MRC’s The Hollywood Reporter, Billboard and Vibe under one roof.
Penske Media Corporation and MRC will become PMRC.
Both PMC and MRC — formerly Valence Media — hold significant ownership in the ventures. The financial
terms were not disclosed.
The companies say there will be no leadership changes at PMC or MRC, and that both will continue to operate independently.
PMRC’s day-to-day operations will be led by PMC, which also owns Deadline, WWD, SHE Media, Sportico and Robb Report.
“We feel very
fortunate for this valuable partnership with the exceptional MRC team and the opportunity to continue the legacy of these tremendous brands f...