Penske Media and MRC form joint venture combining control of Hollywood, music titles

Penske Media Corporation has joined forces with MRC to bring together entertainment magazines including Variety and the Hollywood Reporter, as well as create a new partnership for film and television content. The Penske-MRC pact brings under one roof three competing entertainment trade magazines in MRC’s Hollywood Reporter and PMC’s Variety and Deadline; likewise rival music titles Billboard and Rolling Stone. “We have a great deal of respect for Variety, Rolling Stone and Music Business Worldwide and, as importantly, the leadership at PMC, who we’ve gotten to know well and look forward to partnering with in both these businesses,” said MRC CEOs Asif Satchu and Modi Wiczyk in a statement. “Combining forces makes sense to reduce costs and increase industry leverage.” Hollywood Inc. Disney moves ‘Black Widow’ and more big titles to 2021 amid coronavirus concerns Disney has pushed back the release dates for ‘Black Widow,’ ‘Death on the Nile’ and multiple other films, in a blow to movie theaters.