Penske Media Corporation has taken full ownership of South by Southwest, cementing its control of the Austin festival five years after providing a financial lifeline during the COVID-19 pandemic.
The companies announced the transaction on Friday, but did not disclose how much Penske paid, when the deal closed or which stakeholders transferred their remaining interests. SXSW said it would remain headquartered in Austin, where its flagship conference and festivals and SXSW EDU will continue to take place.
Penske first invested in SXSW in 2021 through P-MRC, its former joint venture with MRC. The company acquired a 50% stake after the pandemic forced SXSW to cancel its 2020 festival and hold the 2021 edition online.
“It’s been an incredibly tough period for small businesses, SXSW included,” co-founder and then-CEO Roland Swenson said at the time. “When Jay Penske came to us with interest in becoming a partner, it was a true lifeline for us.”
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Penske increased its stake by one percentage point in 2023, giving it majority control. Friday’s transaction eliminates the remaining outside ownership of an organization that had been controlled by its founders for more than three decades.
“It’s been a great ride, and we look forward to watching SXSW continue to grow in vibrant new ways while remaining focused on helping creative people achieve their goals,” co-founder Nick Barbaro said in a statement.
Penske Media chairman and CEO Jay Penske further noted that “premium live experiences” are central to the company’s future and pledged to provide SXSW with additional backing.
The acquisition expands Penske’s already substantial live-events business, which includes the Golden Globes, American Music Awards, Academy of Country Music Awards, Billboard Music Awards and “Dick Clark’s New Year’s Rockin’ Eve.” The company also owns entertainment publications including Variety, The Hollywood Reporter, Rolling Stone, Billboard, Deadline and IndieWire.
The update comes after a period of upheaval at SXSW. Longtime president and chief programming officer Hugh Forrest exited in April 2025 during a broader leadership shakeup. Forrest, who joined SXSW in 1989, disputed Penske’s account of his departure and said leaving was “definitely not my decision.”
Penske said Forrest left after learning he would report to Jennifer Connelly, a Penske executive selected by the SXSW board to lead the festival as its director in charge. Forrest was among 11 employees who left or were dismissed around that time, per The New York Times.
The shakeup followed reports that SXSW had fallen short of Penske’s targets in 2024 and ’25. Penske disputed that characterization, however, saying the 2025 festival generated the highest sponsorship revenue in the organization’s history.
SXSW subsequently shortened and reorganized the festival in 2026. The event will return March 15-21, 2027, with a new dedicated podcast festival, preceded by SXSW EDU from March 13-16.
