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Photo by Todd Williamson/Getty Images for THR

Hollywood entertainment company MRC and media conglomerate Penske Media Corp., which owns publications like Rolling Stone, Variety and Deadline, announced on Wednesday a deal to create two joint ventures in publishing and content.

Why it matters: Nearly all of the major U.S. publications covering Hollywood will be housed under one joint venture.

Details: There will be no leadership changes at either company as a result of the new joint ventures, and both PMC and MRC will continue to operate independently. The financial terms of the deal were not disclosed. Both MRC and Penske will hold significant ownership in each of the two joint ventures.

  1. The newly-established "PMRC" publishing joint venture will house The Hollywood Reporter, Variety, Rolling Stone, Billboard, Vibe and Music Business Worldwide. PMRC’s day-to-day operations will be led by PMC, which also houses publications like Deadline, WWD, SHE Media, Sportico others. 
  2. The newly-established content joint partnership will produce TV, movies and other multimedia projects using intellectual property from both companies. It will leverage the content production expertise at MRC to produce new multimedia products from PMRC's editorial brands, like Variety and Hollywood Reporter.

What's next: The transition period will last through the end of 2020.

Go deeper

Dec 15, 2020 - Economy & Business

Scoop: Vox Media Studios targets $100 million in 2021 revenue

Vox Media Studios website

Vox Media Studios, the video and audio production arm of Vox Media, is planning to bring in $100 million in 2021 revenue while producing twice as many shows as 2020, according to sources familiar with the company’s plans.

Why it matters: Vox Media hasn't been immune from the pandemic’s financial headwinds on digital publishers, but the studios revenue would be a huge number for the company, which reportedly expected $300 million in overall 2020 revenue.

Updated 29 mins ago - Health

2 federal judges temporarily block Biden vaccine mandates

President Biden delivers remarks on the Omicron COVID-19 variant at the White House on Nov. 29. Photo: Anna Moneymaker via Getty Images

The Biden administration was temporarily blocked from enforcing COVID-19 vaccine mandates for millions of workers by federal judges in two states on Tuesday.

The big picture: The orders, by federal judges in Kentucky and Louisiana, come one day after a federal judge in Missouri halted the mandate, which has a Jan. 4 deadline, in 10 states.

60 mins ago - World

Honduras elects first female president

Honduran President-elect Xiomara Castro, of the Libertad y Refundacion (Libre) Party, in Tegucigalpa, Honduras, on Sunday. Photo: Inti Ocon/Getty Images

Former Honduras first lady Xiomara Castro is set to become the country's first female president president, after the ruling party conceded defeat in the country's elections on Tuesday night, per AP.

Why it matters: The democratic socialist and her Libre Party have broken a 12-year run for the conservative National Party, which U.S. prosecutors alleged fostered a "narco-state," note Axios' Latinos' Marina E. Franco and Russell Contreras.