Just days after Penske Media Corp. and MRC announced they were entering a joint venture to bring their Hollywood magazines under one roof, news is out that Penske paid about $225 million to control 80% of the new company, called PMRC.
MRC will own the other 20% or so, according to the New York Post, which first reported the news.
PMC will bring Variety, Rolling Stone and Music Business Worldwide together with MRC’s The Hollywood Reporter, Billboard and Vibe under PMRC. Its day-to-day operations will be led by PMC.
The companies say there will be no leadership changes at PMC or MRC, and that both will continue to operate independently.
However, The Wrap reports that Deanna Brown, president of Billboard-Hollywood Reporter Media Group, will step down in a few weeks.
Brown joined MRC — formerly known as Valence Media — in 2018 as a managing director. She was promoted to president of Billboard and The Hollywood Reporter in 2019.
Penske has not responded to numerous requests for comment.