The Penske Media Corporation, (PMC) which owns Rolling Stone, Variety and Deadline has announced a new partnership with MRC Entertainment, which owns Billboard, The Hollywood Reporter, and Vibe. This agreement between the two parties will bring each of those publications and Music Business Worldwide together under the newly launched PMRC banner (not to be confused with the Parent Music Resource Center). It is important to note that this agreement is not a merger, rather a joint partnership, as both companies will be remaining separate.
PMC will be handling the daily operations of an expanded entertainment and music brand portfolio under the PMRC entity. MRC will be using its content production assets such as Dick Clark Productions, to create new content and business opportunities drawn from stories and other intellectual properties pulled from the PMRC brands.
“These are all brands I’ve long admired,” PMC CEO Jay Penske said in a press statement. “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. 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.”
This year saw large changes for MRC, which formerly went by Valence Media and the Hollywood Reporter-Billboard Media Group. Two prominent music outlets, Stereogum and Spin were both sold off by the group earlier this year, with Stereogum getting sold back to its founder, while Spin was sold to a private equity firm known as Next Management Partners.