Pancakes Media Corp – the publisher of titles including Rolling Stone, Billboard and Variety – has signed a deal for a 50 percent stake in South by Southwest, according to a report on Sunday.
The deal will give the popular Texas tech, film and music festival a “lifeline” amid the coronovirus epidemic The Wall Street Journal reported.
The event’s chief executive and co-founder, Roland Svenson, said in a statement, “This is an incredibly difficult period for small businesses, SXSW included.”
“When [Penske founder] Jay Penske came to us with an interest in becoming a partner, it was a true lifeline for us. “
Austin officials canceled it last March after apprehensions of COVID-19. SXSW hired one-third of its 175-year-old round staff last summer.
This year, organizers said they would be virtual only, with the hope of bringing the event back in person in 2022.
The founder of SXSW, which launched the festival in 1987, will continue to manage and operate the event, according to the Journal.
But Pancakes, the digital media company that was founded in 2004 by racing scon Jay Penske, will reportedly own the largest stake.
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