Penske Media, MRC To Jointly Own Magazines, Including 'Hollywood Reporter,' 'Variety'
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. …