Penske Media Corporation, the parent company of Variety, Rolling Stone and WWD, among others, will operate The Hollywood Reporter, Billboard and Vibe in a new partnership with MRC, effective today with a transition period through the end of 2020.
The joint venture will be known as PMRC, whose other brands will include Variety, Rolling Stone and Music Business Worldwide. PMRC’s day-to-day operations will be led by PMC, whose brands also include Deadline, WWD, SHE Media, Sportico and Robb Report, among many others. The Hollywood Reporter, Vibe and Billboard will going forward leverage the PMC infrastructure and will be part of PMC’s tech platforms, the companies said
“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,” said PMC CEO Jay Penske. “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.”