The parent company of Variety, Deadline and other trade magazines will take over management of competitor The Hollywood Reporter (as well as Billboard and other publications) as part of two joint ventures announced Wednesday. Penske Media (PMC) will run daily operations of the magazine conglomerate, while their one-time rival MRC will run a separate joint venture to exploit the brands and intellectual property across the two portfolios, “including television, film, live and alternative and nonfiction.” (Update: What was touted as a joint venture turned out to be an acquisition: Penske is reported to be paying $225 million to buy an […]