Variety Parent Penske Media to Take Over Hollywood Reporter, Billboard in Joint Venture With MRC
Also Read: Hollywood Reporter Parent Meddled in Explosive Story on NBC Chief, Insider Says (Exclusive)In a statement, PMC CEO Jay Penske said he has “long admired” MRC brands like The Hollywood Reporter and Billboard, adding that they “have contributed immensely to the heightened quality of journalism covering entertainment and music today.”MRC CEOs Asif Satchu and Modi Wiczyk released their own statement, saying, “”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.”In April, when the parent company of THR and Billboard was known as Valence Media, there were widespread