Rolling Stone & Billboard publishers come together in JV
Penske Media Corporation (PMC) and MRC have teamed up for two new joint ventures, in publishing and content respectively.
The news comes from PMC CEO Jay Penske and MRC CEOs Asif Satchu and Modi Wiczyk, who revealed that both companies will hold significant ownership of the new JVs.
The first joint venture brings together several heritage music publications, with Penske’s Rolling Stone, Music Business Worldwide and Variety to now fall under the new PMRC umbrella alongside MRC’s Holywood Reporter, Billboard and Vibe.
PMC will lead the day-to-day operations of all publications.
PMRC’s combined brands will offer clients opportunities to reach an influential audience at scale through editorial, advertising and other marketing solutions, according to a report by MBW.
“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,” Penske said.
“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.”
The second joint venture is a content partnership that will see MRC tasked with developing the collective brand intellectual property across all of its content divisions including Television, Film, Live & Alternative and Non-Fiction.
MRC’s award-winning and high profile titles include Ozark, The Great, The Outsider, Golden Globe Awards, Fyre Fraud.
It will also now manage music series including Billboard Music Awards and American Music Awards, plus films including Knives Out, Ted and Baby Driver.
This long-form content partnership will be managed on the MRC end.
“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,” MRC’s Satchu and Wiczyk said.
There are no changes to the leadership teams at PMC or MRC.