'Variety' and 'The Hollywood Reporter' join hands in new venture

Media firms Penske Media Corp and MRC said on Wednesday they were creating a joint venture for their publishing brands, bringing long-time rival entertainment news portals "Variety" and "The Hollywood Reporter" under the same roof.

The companies also said they would create a second joint venture to develop entertainment content under both their brands across film, television and events. MRC's popular live events include "Billboard Music Awards" and "American Music Awards", among others.

The joint ventures will have no impact on leadership structure, according to the companies, and both Penske and MRC will continue to operate independently.

The financial terms of the deal were not disclosed.

The new publishing joint venture, PMRC, will be led by Penske, owner of brands such as "Deadline" and "Rolling Stone", while MRC will manage the other venture.

(Reporting by Ayanti Bera in Bengaluru; Editing by Krishna Chandra Eluri)