P-MRC Holdings has reached an agreement with South by Southwest that would make the media company a long-term partner and shareholder of the Austin, Texas festival. P-MRC, which acquired 50% of SXSW by WSJ, is a joint venture between parent company Deadline Penske Media Corporation and MRC.
“It has been an incredibly difficult time for small businesses, SXSW included,” said CEO and co-founder Roland Swenson. “When Jay Penske approached us with an interest in partnering, it was a real lifeline for us. Our two companies share a passion for producing high quality content that helps shape modern culture, so it feels like a natural alliance. We are now focused on the March 2022 event and are honored to embark on a new chapter of SXSW with both its experience and P-MRC capabilities by our side.
SXSW’s management team and core business will remain unchanged. The next edition of the festival is scheduled for March 2022. Last year, SXSW became one of the first major events to be canceled as a face-to-face experience at the start of the coronavirus pandemic, which was a severe blow. for the organizers and the local economy.
We are grateful and proud to become lasting partners with SXSW and to collaborate with its exceptional team, ”said Jay Penske, President and CEO of Penske Media. “Since 1987, SXSW has been the world’s premier festival focused on the convergence of technology, media, film and music. Today, SXSW continues to be one of the most recognized brands for empowering creative talent and bringing together the brightest designers of our time. As part of this significant investment, we plan to build on SXSW’s incredible foundation while expanding the platform even more digitally and helping Roland and his amazing team take their vision to even higher levels.