(Hypebot<\/a>) — 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.<\/p>\n

The first joint venture establishes PMRC which will include PMC\u2019s Variety, Rolling Stone and Music Business Worldwide interests along with MRC\u2019s The Hollywood Reporter, Billboard and Vibe. PMRC\u2019s day-to-day operations will be led by PMC whose titles also include Deadline, WWD, SHE Media, Sportico and the Robb Report.<\/p>\n

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 \u201cOzark,\u201d \u201cThe Great,\u201d \u201cThe Outsider,\u201d \u201cGolden Globe Awards,\u201d \u201cFyre Fraud;\u201d \u201cBillboard Music Awards\u201d and \u201cAmerican Music Awards,\u201d \u201cKnives Out\u201d and other films like \u201cTed\u201d and \u201cBaby Driver.\u201d The long-form content alliance will be managed by MRC.<\/p>\n

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.<\/p>\n

The financial terms of the deal were not disclosed.<\/p>\n

\u201cThese are all brands I\u2019ve 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,\u201d said\u00a0PMC CEO Jay Penske<\/strong>. \u201cWe 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.\u201d<\/p>\n

\u201cWe have a great deal of respect for Variety, Rolling Stone and Music Business Worldwide and, as importantly, the leadership at PMC who we\u2019ve gotten to know well and look forward to partnering with in both these businesses,\u201d said\u00a0MRC CEOs Asif Satchu and Modi Wiczyk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

(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\u2019s Variety, Rolling Stone and Music Business Worldwide interests along with MRC\u2019s The Hollywood Reporter, Billboard<\/p>\n","protected":false},"author":29,"featured_media":49591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stc_notifier_status":"sent","_stc_notifier_sent_time":"2020-09-23 13:45:29","_stc_notifier_request":false,"_stc_notifier_prevent":false,"_stc_subscriber_keywords":"","_stc_subscriber_search_areas":"","footnotes":""},"categories":[51,75,22],"tags":[12455,12454,6547,1107],"class_list":["post-97751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-business-news","category-industry_news","tag-mrc","tag-pmc","tag-rollingstone","tag-billboard"],"acf":[],"yoast_head":"\n