(Hypebot) — Consolidation in the music and music trade publishing reached a new level Wednesday with the announcement of two new joint ventures formed by Penske Media Corporation and MRC.
The first joint venture establishes PMRC which will include 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 titles also include Deadline, WWD, SHE Media, Sportico and the Robb Report.
The second joint venture includes a new joint content partnership across a;; the titles and brands tasked with developing its content divisions including Television, Film, Live & Alternative and Non-Fiction. MRC is already home to Emmy-nominated “Ozark,” “The Great,” “The Outsider,” “Golden Globe Awards,” “Fyre Fraud;” “Billboard Music Awards” and “American Music Awards,” “Knives Out” and other films like “Ted” and “Baby Driver.” The long-form content alliance will be managed by MRC.
There are no leadership changes at PMC or MRC as a result of these ventures, and both PMC and MRC will continue to operate independently.
The financial terms of the deal were not disclosed.
“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,” said PMC CEO Jay Penske. “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.”
“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,” said MRC CEOs Asif Satchu and Modi Wiczyk.