The newly established PMRC will oversee THR, Variety, Rolling Stone, Billboard and Vibe, while the content partnership will produce TV, film, and other formats with access to IP across the portfolio of brands.
Billboard and The Hollywood Reporter parent company MRC and Penske Media Corp. on Wednesday announced a deal to create two joint ventures in publishing and content, with both companies holding significant ownership.
The deal becomes effective Wednesday, with a transition period through the end of 2020. The news was announced by PMC CEO Jay Penske and MRC CEOs Asif Satchu and Modi Wiczyk.
The first joint venture is the establishment of PMRC, which will encompass trade and consumer brands in entertainment and music such as PMC's Variety, Rolling Stone and Music Business Worldwide interests along with MRC's The Hollywood Reporter, Billboard and Vibe. PMRC's day-to-day operations will be led by PMC, whose other brands include Deadline, WWD, SHE Media, Sportico and Robb Report.