Penske Media completed the acquisition of a 50% stake in South by Southwest.

Penske Media, an American digital media, publishing, and information services company, completed the acquisition of a 50% stake in South by Southwest, an event operator. Financial terms were not disclosed. “We are grateful and proud to become enduring partners with SXSW, and collaborate with its exceptional team. Since 1987, SXSW has been the world’s premier festival centered at the convergence of tech, media, film, and music. Today SXSW continues to be one of the most recognized brands for empowering creative talent and bringing together the brightest creators of our time. As part of this significant investment, we plan to build upon SXSW’s incredible foundation while extending the platform further digitally and assisting Roland and his incredible team to bring their vision to even greater heights,” Jay Penske, Penske Media Chairman and Chief Executive Officer.