Penske Media Corp. — the publisher of titles which includes Rolling Stone, Billboard and Range — has struck a offer for a 50 per cent stake in South by Southwest, according to a report on Sunday.
The deal will give the preferred Texas tech, motion picture and tunes competition a “lifeline” amid the coronavirus pandemic, The Wall Street Journal described.
“It’s been an amazingly challenging interval for smaller companies, SXSW included,” the event’s chief government and co-founder, Roland Swenson, said in a assertion.
“When [Penske founder] Jay Penske arrived to us with desire in starting to be a partner, it was a accurate lifeline for us.”
The festival was dealt a money blow right after Austin officers canceled it past March in excess of COVID-19 fears. SXSW laid off a 3rd of its 175 year-spherical workforce final summer season, the report stated.
This yr, organizers reported they would be heading virtual-only, with the hopes of bringing the function back again in person in 2022.
SXSW’s founders, who introduced the competition in 1987, will proceed to manage and operate the celebration, in accordance to the Journal.
But Penske, the digital media enterprise started in 2004 by racing scion Jay Penske, will reportedly very own the premier stake.