PMC MRC forms PMRC, Vibe and Music Business Worldwide.
PENSKE MEDIA AND MRC FORM PUBLISHING AND CONTENT VENTURES
Newly Established PMRC Will Steward Rolling Stone, The Hollywood Reporter, Variety, Billboard, Vibe and Music Business Worldwide
Content Partnership Will Produce Television, Film and Other Formats With Access to Intellectual Property Across the Portfolio of Brands
Leading independent media and entertainment companies Penske Media Corporation (PMC) and MRC announced today a deal to create two joint ventures in publishing and content, with both companies holding significant ownership. The announcement, effective today with a transition period through the end of 2020, was made by PMC CEO Jay Penske and MRC CEOs Asif Satchu and Modi Wiczyk.
The first joint venture establishes PMRC which includes some of the most iconic brands in entertainment and music. These distinguished brands include PMC’s Rolling Stone, Variety and Music Business Worldwide interests along with MRC’s The Hollywood Reporter, Billboard and Vibe. Together, these brands offer clients opportunities to reach an influential audience at scale through editorial, advertising and other marketing solutions. PMRC’s day-to-day operations will be led by PMC, a digital media pioneer and platform innovator whose ever-growing constellation of iconic brands include Deadline, WWD, SHE Media, Sportico and Robb Report, among many others.
“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 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.”