Penske takes 50% stake in Austin’s South by Southwest festival

Jay Penske has added another asset to his growing media empire: the South by Southwest festival. A joint venture between Penske Media and MRC — which owns Billboard, the Hollywood Reporter, Rolling Stone, Variety and Vibe — acquired a 50% stake in the technology and Hollywood festival, the companies said Monday. “It has been an incredibly tough period for small businesses, SXSW included,” Chief Executive Roland Swenson, the festival’s co-founder, said in a statement. “Since 1987, SXSW has been the world’s premier festival centered at the convergence of tech, media, film, and music,” Penske said in a statement. “As part of this significant investment, we plan to build upon SXSW’s incredible foundation while extending the platform further digitally and assisting Roland and his incredible team to bring their vision to even greater heights.” Last fall, Penske Media Corp. joined forces with MRC — producer of film and TV including the Netflix drama “Ozark”— to bring together entertainment magazines including Variety and the Hollywood Reporter, as well as to create a new partnership for film and television content.