South by Southwest (SXSW) Stake Sold

50% Sold

A 50% stake in AUSTIN, TX's SXSW has been sold to P-MRC HOLDINGS LLC, a joint venture majority-owned and operated by PENSKE MEDIA GROUP. PENSKE MEDIA GROUP publishes magazines including ROLLING STONE, BILLBOARD and VARIETY. The sale is a move to keep the music, film and technology festival viable moving forward.

Like many businesses, SXSW took a huge financial hit when the COVID-19 pandemic forced the cancellation of SXSW in 2020. SXSW was forced to lay off a third of its staff. 

THE WALL STREET JOURNAL has more here.

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