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

Updated 8 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.

Pre-bunking rises ahead of the 2020 election

Illustration: Eniola Odetunde/Axios

Tech platforms are no longer satisfied with debunking falsehoods — now they're starting to invest in efforts that preemptively show users accurate information to help them counter falsehoods later on.

Why it matters: Experts argue that pre-bunking can be a more effective strategy for combative misinformation than fact-checking. It's also a less polarizing way to address misinformation than trying to apply judgements to posts after they've been shared.

Kendall Baker, author of Sports
2 hours ago - Sports

Locker Room wants to reinvent how fans talk sports

Courtesy: Betty Labs

Locker Room, a social audio app where fans can talk sports and spontaneously join live conversations, launches Tuesday on the App Store.

The state of play: The company behind Locker Room, Betty Labs, has raised $9.3 million in seed funding led by Google Ventures with participation from Lightspeed Venture Partners, Axios has learned.