
SXSW Stake Sold to Rolling Stone and Billboard Publisher
Penske Media Company—the author within the again of Rolling Stone, Billboard, and Kind—is now a 50% owner of SXSW, The Wall Facet road Journal experiences. The Austin-primarily primarily based music, tech, and film competition has been owned by the competition’s founders since 1987. The founders will continue to govern and feature the competition while Penske will enjoy the excellent stake within the competition.The Texas competition used to be canceled in 2020 as a result of the COVID-19 pandemic, which resulted in layoffs within the firm. This year, it returned as a virtual online match. An in-person competition is being deliberate for 2022.“It’s been an incredibly stressful duration for small corporations, SXSW incorporated,” Roland Swenson, SXSW CEO & co-founder stated in a assertion....