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South by Southwest Stake Is Sold to Owner of Rolling Stone in Effort to Keep Festival Alive – The Wall Street Journal

SXSW took a big hit when it was canceled last year because of Covid-19

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Penske Media Corp., the publisher of magazines like Rolling Stone, Billboard and Variety, agreed to acquire a 50% stake in South by Southwest, the famed tech, music and movie festival, people familiar with the matter said.
The Texas festival, one of the largest and best known in the U.S., was dealt a severe financial blow last March after being canceled at the last minute by Austin city officials because of the outbreak of the coronavirus pandemic.
Organizers said at that time that their insurance…

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