Rolling Stone, Billboard, and Variety‘s publisher, Penske Media Corporation has purchased a 50% stake in Austin, Texas-based music, technology, and film festival South by Southwest, better known as SXSW. While the founders have owned a majority stake in the festival since 1987, the recent sale makes Penske the largest stakeholder. The original founders will continue to maintain control over festival management and operations.
COVID-19 resulted in the vast majority of music festivals and events getting cancelled or rescheduled. SXSW suffered as well, with 2020’s edition cancelled entirely, and 2021’s dates taking place entirely online. Event planners are working towards and in person rendition next year.
SXSW CEO Roland Swenson released a statement regarding the recent sale, noting,
“It’s been an incredibly tough period for small businesses, SXSW included. When Jay Penske came to us with interest in becoming a partner, it was a true lifeline for us. While SXSW’s core business will retain its focus on the March event in Austin, this strategic investment also brings the exploration of new capabilities in providing quality programming to our diverse community of highly engaged creative professionals.”
For more information on all things regarding SXSW, visit the event;s website here.
H/T: Pitchfork
Featured image: SXSW 2018
