Media giants PMC and MRC join forces under the newly created PMRC

Updated: Feb 10, 2021

The Penske Media Corporation, which owns Rolling Stone, Variety and Music Business Worldwide, has announced a new joint venture with MRC, which operates Billboard, Vibe and The Hollywood Reporter. In this new venture, called PMRC, the daily operations of Billboard, the Hollywood Reporter and Vibe will be done by PMC, while at the same time still running the daily operations of their other music and entertainment outlets.

To be clear, PMC and MRC are not merging, they will both continue as separate companies. The people at PMC will run the daily operations of all the music outlets consolidated under the newly created PMRC. While MRC will use its content production assets to develop new content for all of the music outlets. When asked about the new venture, PMC chief executive Jay Penske told Variety:

“These are all brands I’ve 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 (...) 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.”

Rolling stone, Variety, Music Business Worldwide, Billboard, Vibe and The Hollywood Reporter are some of biggest outlets in the world of music and entertainment journalism. This collaboration between its owners will shake the world of music and entertainment journalism and will most likely have a significant influence on the industry for years to come. Never have so many outlets been bundled together under the same corporate umbrella.

 

Source: Variety

3 views