Affiliate Site (same content different theme)

I have a client wanting to do the following. They have a information site with tons of articles and blogs and videos. They would like to allow other companies in the same industry use the same site and articles by place there own brand on the theme. Similar to these printing companies who offer a site to sell printing but use the main companies back end.

I was unable to find anything in wordpress site regarding the ability to do this. Or was thinking that google may penalize the site since they will have the same articles and content.

Any thought would help.