The Hollywood Reporter parent company MRC and Penske Media Corp. on Wednesday announced a deal to createtwojoint ventures inpublishing and content, with both companies holding significant ownership.
The deal becomes effective Wednesday, with a transition period through the end of 2020. The news was announced by PMC CEO Jay Penske and MRC CEOs Asif Satchu and Modi Wiczyk.
The first joint ventureis the establishment of PMRC, which will encompass trade and consumer brands in entertainment and music such asPMC's Variety, Rolling Stone and Music Business Worldwide interests along with MRC's The Hollywood Reporter,Billboard andVibe.
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