Penske Media Corp, responsible for Rolling Stone, Billboard and Variety, acquired a 50% stake in South by Southwest (SXSW), one of the world’s largest technology, innovation and creative economy events. Information is there Wall Street Journal.
Traditionally held in Austin, United States, the festival has faced financial difficulties. In March 2020, it was hastily canceled due to Kovid-19 and, according to the organizers, the insurance policy did not cover the potential cancellation in the event of an epidemic – resulting in the loss of a millionaire. One third of the 175 employees were dismissed due to the crisis. More streamlined, the 2021 version of the SXSW took place remotely.
Created in 1987, to this day, the event was owned by its founders, who continue to manage and operate the festival. “It’s been an incredibly difficult time for small businesses, including SXSW,” said Roland Svenson, the event’s CEO and co-founder, in a note. “When Jay Pence [fundador da Penske] Contact to express interest in becoming a partner, this was our salvation. “
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