Sawtelle-based P-MRC Holdings, a joint venture between Penske Media Corp. and MRC Entertainment, has acquired a stake in the South by Southwest festival.

The deal makes P-MRC a “long-term partner with and shareholder” of SXSW, the companies said in an April 18 announcement. Financial terms of the deal were not disclosed, but the Wall Street Journal reported P-MRC took a 50% stake in SXSW.

The partnership will focus on exploring “new capabilities” and providing programming to its audience, the companies said.

Led by Jay Penske, chief executive and chairman of Penske Media Corp., P-MRC was created in September 2020. It owns several entertainment trade publications including Variety, The Hollywood Reporter and Billboard, as well as Rolling Stone.

The pandemic forced Austin, Texas-based SXSW to cancel in-person events in 2020 and 2021 and move its conferences online. Founded in 1987, SXSW offers conferences on a wide variety of topics, including entertainment, business, technology and music.

“Today SXSW continues to be one of the most recognized brands for empowering creative talent and bringing together the brightest creators of our time,” 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 (SXSW Chief Executive and co-founder Roland Swenson) and his incredible team to bring their vision to even greater heights.”