The Penske Media Corp (PMC); under a newly established joint venture with MRC has undertaken the operations of Billboard, Vibe and the Hollywood Reporter.
This venture will lead to PMC and MRC creating a newly formed entity PMRC.
The discussions about the joint venture has been on and off the table for quite some time now.
Under the PMRC; PMC will undertaken the day to day operations of this expanded entertainment and music brand investments. This will bring two Hollywood trade organizations under the same banner for the first time ever.
Furthermore, Billboard, Vibe and the Hollywood Reporter will now be a part of PMC’s Variety, Rolling Stone and Music Business Worldwide.
Billboard began in 1894 and has ever since been facilitating the news and sale of sheet and recorded music in the industry. Vibe have been concerning itself with the hip hop and pop culture since 1993.
The Hollywood Reporter, was published as the first ever trade paper that dealt with the West Coast coverage of the Hollywood studios.
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In another venture of the entity, MRC will take over the content producing investments. This will include Dick Clark Productions. This will facilitate in the generation new content and possibilities in the business from stories and other intellectual material gathered from all brands of PMRC.
PMC and MRC, besides the joint venture, will continue to function independently as well. The Chief Executive of PMC, Jay Penske; and the co-CEOs of MRC, Asif Satchu and Modi Wiczyk announced the news on Wednesday.
The details of the financial terms however remain undisclosed.
MRC has produced several projects such as the Netflix drama “Ozark,” and “Knives Out,” “Ted,” and “Baby Driver”, among others. The Dick Clark Productions are famous for live events and kudocast franchises, such as, the American Music Awards and the Golden Globe Awards hosted every year.
The move is likely to bring about new changes in the entertainment industry and the trade journalism scenario.
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