Penske will have 80% stake in joint venture

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Variety owner Penske Media Corp. paid about $225 million to control 80 percent of the new ­entity that will also publish Billboard and The Hollywood Reporter, to be known as PMRC, reports Keith Kelly of the New York Post.Kelly reports, “MRC, publisher of The Hollywood Reporter, will retain a roughly 20 percent stake, sources said.“The deal will now result in hefty layoffs among MRC’s non-editorial staffers. About 50 back-office workers, or 15 percent of the roughly 325 people who do accounting, human resources and other administrative work, are expected to be cut in the merger. At least one top executive is also…

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