NEW YORK (CelebrityAcceess) — Entertainment companies Penske Media Corporation (PMC) and MRC announced the formation of two joint ventures for publishing and content.
Through the joint ventures, the two companies will launch PMRC, which will encompass brands such as Rolling Stone, Variety, Music Business Worldwide, The Hollywood Reporter, Billboard, and Vibe.
PMRC’s day-to-day operations will be led by PMC and the joint ventures officially launched on Oct 23rd with a transitional period that will extend through the remainder of 2020, the companies said.
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.
“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,” added MRC CEOs Asif Satchu and Modi Wiczyk.
The financial terms of the joint ventures were not disclosed.