Penske Media Company—the writer behind Rolling Stone, Billboard, and Selection—is now a 50% proprietor of SXSW, The Wall Street Journal reports. The Austin-based music, tech, and movie competition has been owned by the competition’s founders since 1987. The founders will proceed to handle and function the competition whereas Penske will personal the biggest stake within the competition.
The Texas competition was canceled in 2020 as a result of COVID-19 pandemic, which led to layoffs throughout the firm. This yr, it returned as a virtual online event. An in-person competition is being deliberate for 2022.
“It’s been an extremely powerful interval for small companies, SXSW included,” Roland Swenson, SXSW CEO & co-founder stated in a press release. “When [Penske founder] Jay Penske got here to us with curiosity in turning into a accomplice, it was a real lifeline for us. Whereas SXSW’s core enterprise will retain its give attention to the March occasion in Austin, this strategic funding additionally brings the exploration of latest capabilities in offering high quality programming to our numerous group of extremely engaged inventive professionals.”