Penske Media acquires full ownership of SXSW

Penske Media Corporation has acquired full ownership of South by Southwest (SXSW), ending more than three decades of founder-led control. The transaction involves the sale of remaining stakes held by SXSW Holdings LLC, including those held by co-founder Nick Barbaro.

Penske Media first became a partner in 2021, providing a financial lifeline after the COVID-19 pandemic forced the cancellation of the 2020 in-person event. The company initially acquired a 50% stake and increased its majority control in 2023. While the financial terms of the final buyout were not disclosed, SXSW will remain headquartered in Austin, Texas.

Jay Penske, chairman and CEO of Penske Media, stated that premium live experiences are central to the company’s future. The acquisition adds SXSW to Penske’s portfolio of major entertainment brands and events, which includes the Golden Globes, Billboard Music Awards, and publications such as Variety and Rolling Stone.