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

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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 for the next many decades,” stated PMC CEO Jay
Penske.

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MRC has co-CEOs: Asif Satchu and Modi Wiczyk.

The Hollywood Reporter, Billboard and Vibe will move to PMC’s tech and delivery
platforms.

The two companies will also enter another joint venture: a new content partnership leveraging MRC’s production infrastructure across PMRC intellectual
property. 

MRC will be tasked with developing film, TV, live events and other projects based on PMRC’s articles and IP.

MRC, which also owns Dick Clark
Productions, has worked on TV series such as “Ozark,” “The Great” and “The Outsider;” live event music series like “Billboard Music Awards” and
“American Music Awards;” and films like “Knives Out.”

The long-form content alliance will be managed by MRC. 

MRC rebranded earlier this year.

This week, Variety.com named William Earl
its new editor.

 

 

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