September 23, 2020
In a major consolidation move within the entertainment trade publication space, Variety owner Penske Media Group is acquiring The Hollywood Reporter and other assets in a joint deal with Media Rights Capital (MRC).
Financial terms of the deal, which brings industry rivals Variety and The Hollywood Reporter under the same roof, was not disclosed. Penske also owns trades Deadline, WWD, She Media, Sportico and Robb Report. The deal also includes Billboard and Vibe.
MRC, which owns Dick Clark Productions, was the producer of the Netflix original series “House of Cards,” and is also the producer of the streamer’s current series “Ozark.” The company has also produced movie hits Knives Out with Lionsgate, Sony Pictures’ Baby Driver and Universal Pictures’ Ted.
Variety, The Hollywood Reporter, Rolling Stone, Billboard, Vibe and Music Business Worldwide will be operated under a new entity dubbed PMRC. MRC will be tasked with developing the collective brand IP across all of its content divisions, including television, film, live and alternative, and non-fiction.
“We have a great deal of respect for … the leadership at PMC, who we’ve gotten to know well and look forward to partnering with in both these businesses,” MRC co-CEOs Asif Satchu and Modi Wiczyk, said in a statement.
“These are all brands I’ve long admired,” added Jay Penske. “Billboard, The Hollywood Reporter, and Vibe have created some of the finest content in their respective industries and have contributed immensely to the heightened quality of journalism covering entertainment and music today. We feel very fortunate for this valuable partnership with the exceptional MRC team and the opportunity to continue the legacy of these tremendous brands for the next many decades.”