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Hollywood Reporter Parent P-MRC Strikes Deal to Invest in SXSW
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hollywoodreporter.comSouth by Southwest has struck a deal with P-MRC, a joint venture between Penske Media Corporation and MRC that includes publishing brands such as The Hollywood Reporter, that will make P-MRC a long-term partner and stakeholder in the festival, the companies announced in a joint release Sunday night.
P-MRC —whose holdings also include Billboard, Rolling Stone, Varietyand Vibe — will bring "media expertise and new avenues for discovery" to the Austin, Texas-based event.
The deal will also involve looking at an expansion of SXSW with new events and business models. P-MRC will reportedly take a 50% stake in the business.
The Wall Street Journal was the first to report the news. "It has been an incredibly tough period for small businesses, SXSW.
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