"A lifeline" - Penske buys 50% of SXSW

P-MRC, the owner of Rolling Stone, The Hollywood Reporter, Variety, Billboard and Deadline, has acquired a 50% stake in SXSW LLC, making it the biggest single shareholder in the music/film/tech conference and festival based out of Texas, the Wall Street Journal reports. The SXSW 2020 event was scrapped by Austin officials due to the coronavirus outbreak, and in 2021 an online event was organized, so, when “Jay Penske approached us with an interest in becoming a partner, it was a true lifeline for us", SXSW CEO and Co-Founder, Roland Swenson, has said.