Billboard, Hollywood Reporter Sold By Nielsen
Nielsen Business Media has sold eight of its publications including entertainment industry trade newspaper The Hollywood Reporter and music industry magazine Billboard.
New company e5 Global Media has acquired the eight publications. The new owner was specifically created for the purpose of the acquisition. It is owned by a consortium of investors led by James Finkelstein and is a joint venture by Pluribus Capital Management, a media private-equity partnership, and Guggenheim Partners, a global diversified financial-services firm. The deal closes December 31, 2009. Not one of the parties involved however would reveal the amount agreed for the sale.
Billboard is better known for its weekly sales charts. The Hollywood Reporter is in publication since 1930. Both had suffered management changes and cost-cutting moves.
The other six publications sold are: Adweek, Brandweek, Mediaweek, The Clio Awards, Backstage and Film Journal International.
Nielsen will be stopping two other publications, Kirkus Reviews and Editor & Publisher. Two months ago, the company laid off 1,250 employees.