Penske Media Corporation (PMC)—the parent company of Rolling Stone, Variety, and Music Business Worldwide, among other media publications—has announced a new joint venture with MRC, the company that operates Billboard, Vibe, The Hollywood Reporter, and more. Their joint venture, named PMRC, will find Penske taking over the “daily operations” of Billboard, the Hollywood Reporter, and Vibe, in addition to their current assets, as Variety reports.
Additionally, MRC has formed a second joint venture which will partner with PMC to focus on “mining the collective brand IP across all of its content divisions including television, film, live and alternative and nonfiction,” according to Billboard.
In 2018, American businessman Todd Boehly—who founded the holding company Eldridge Industries, LLC—oversaw the formation of Valence Media, which brought together Billboard, the Hollywood Reporter, Vibe, and TV award show production company Dick Clark Productions under one roof. Valence rebranded to MRC earlier this year.