Penske Media Takes Full Ownership of SXSW
The deal follows several years of increased control and a leadership shakeup at the Austin festival The post Penske Media Takes Full Ownership of SXSW appeared first on TheWrap .
Penske Media Corporation has recently acquired full ownership of South by Southwest, the popular festival in Austin. This move comes five years after the company provided financial support to the event during the COVID-19 pandemic. The details of the transaction, such as the price paid and the timing of the deal, have not been disclosed. The festival will continue to be headquartered in Austin, and both the flagship conference and other events like SXSW EDU will remain there.
Penske first became involved with SXSW in 2021 through a joint venture, investing a 50% stake when the pandemic led to the cancellation of the 2020 festival and an online event in 2021. Co-founder and former CEO Roland Swenson praised the support from Jay Penske, who increased his stake to become majority owner in 2023.
Following this majority control, Penske Media Chairman and CEO Jay Penske emphasized the importance of "premium live experiences" for the company's future, promising further backing for SXSW. The acquisition enhances Penske's already strong presence in live events, which includes major award shows and "Dick Clark’s New Year’s Rockin’ Eve."
The news follows a period of changes at SXSW, including the departure of president and chief programming officer Hugh Forrest in April 2025. Forrest, who had been with the festival since 1989, claimed his exit was not his decision, while Penske stated he left after learning he would report to Jennifer Connelly, a Penske executive chosen by the SXSW board.
These changes come after SXSW faced criticism for not meeting Penske's expectations in 2024 and 2025. However, Penske disputed these claims, noting that the 2025 festival achieved the highest sponsorship revenue in its history. In response, SXSW shortened and reorganized the festival for 2026, adding a dedicated podcast festival and shifting SXSW EDU to a separate schedule. The festival will resume from March 15-21, 2027, with the new podcast festival leading the lineup, followed by SXSW EDU from March 13-16.
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