A deal announced on 23rd September calls for Penske Media Corp and MRC to form new content and publishing ventures. The new organisation will be known as PMRC. The deal was made effective as soon as it was announced and will see a transition period through the end of 2020.
The first joint venture will see the formation of PMRC as PMC takes over the daily operations of a range of outlets. PMC is the parent company of Variety, Deadline and IndieWire, three of the leading publications in the film industry. PMC also owns Rolling Stone and Music Business Worldwide. MRC holds ownership over The Hollywood Reporter as well as Billboard and Vibe. These outlets will now be run under the same banner.
Jay Penske, PMC chief executive, says, “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. 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 concerns content production and calls for MRC to create new content based on the intellectual properties now shared by PMRC. This will range from film to television, live shows and more. MRC already own Dick Clark Productions who run many awards shows such as the Golden Globes and Billboard Music Awards. MRC have also had a range of successful film releases, including Baby Driver, Knives Out and Hotel Transylvania 3. The company have enjoyed a similar success with their television shows, including ‘Ozark’ and ‘House of Cards’.
Currently there are no leadership changes for either company, and each will continue to operate independently outside of these new ventures.
PMC purchased Deadline in 2009 and Variety in 2012. MRC (formerly Valence Media) acquired THR, Billboard and Vibe in 2018.