Jump to content

Prometheus Global Media: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
m fixes, typo(s) fixed: late-2011 → late 2011 using AWB
No edit summary
Tags: Mobile edit Mobile web edit Advanced mobile edit
 
(36 intermediate revisions by 27 users not shown)
Line 1: Line 1:
{{Short description|New York City-based publishing group}}
{{Infobox company
{{Infobox company
| name = Prometheus Global Media
| name = Prometheus Global Media
| logo = [[File:Prometheus Global Media logo.png|250px]]
| logo = Prometheus Global Media logo.png
| logo_size = 250px
| logo_caption =
| logo_caption =
| image =
| image =
Line 9: Line 11:
| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. If there is more than one native name, in different languages, enter those names using {{tl|lang}}, instead. -->
| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. If there is more than one native name, in different languages, enter those names using {{tl|lang}}, instead. -->
| romanized_name =
| romanized_name =
| former_name = e5 Global Media
| former_name = Prometheus Global Media
| type = [[Subsidiary]]
| type = [[Subsidiary]]
| traded_as =
| traded_as =
Line 17: Line 19:
| successor =
| successor =
| foundation = <!-- City, Country ({{Start date|YYYY|MM|DD}}) -->
| foundation = <!-- City, Country ({{Start date|YYYY|MM|DD}}) -->
| founder =
| founder = Owned by Skrrt
| defunct =
| defunct =
| location_city = [[New York City]], [[New York (state)|New York]]
| location_city = [[New York City, New York]]
| location_country = United States
| location_country = United States
| locations = <!-- Number of locations, stores, offices, etc. -->
| locations = <!-- Number of locations, stores, offices, etc. -->
| area_served =
| area_served = Worldwide
| key_people = [[Ross Levinsohn]], CEO
| key_people = [[Ross Levinsohn]]<br />(CEO)
| products =
| products =
| brands =
| brands = 279
| production =
| production =
| services =
| services = 786
| revenue =
| revenue =
| operating_income =
| operating_income =
Line 39: Line 41:
| divisions =
| divisions =
| subsid =
| subsid =
| homepage = {{URL|prometheusgm.com}}
| homepage = {{URL|pusgm.com}}
| footnotes =
| footnotes =
| intl =
| intl =
}}
}}


'''Prometheus Global Media''' is a [[New York City]]-based [[Business-to-business|B2B]] media company. The company was formed in December 2009, when [[Nielsen Company]] sold its entertainment and media division to a [[private equity]]-backed group led by Pluribus Capital Management and [[Guggenheim Partners]]. Guggenheim acquired Pluribus's stake in the company in January 2013, giving it full ownership under the division of Guggenheim Digital Media.
'''Prometheus Global Media''' was a [[New York City]]–based [[Business-to-business|B2B]] media company. The company was formed in December 2009, when [[Nielsen Company]] sold its entertainment and media division to a [[private equity]]-backed group led by Pluribus Capital Management and [[Guggenheim Partners]]. Guggenheim acquired Pluribus's stake in the company in January 2013, giving it full ownership under the division of Guggenheim Digital Media.


The company owns and operates a number of major [[entertainment industry]] [[trade publication]]s and their associated digital properties, including ''[[Adweek]]'', ''[[Backstage (magazine)|Backstage]]'', ''[[Billboard (magazine)|Billboard]]'', ''[[Film Journal International]]'', and ''[[The Hollywood Reporter]]''.
The company owned and operated a number of major [[entertainment industry]] [[trade publication]]s and their associated digital properties, including ''[[Adweek]]'', ''[[Backstage (magazine)|Backstage]]'', ''[[Billboard (magazine)|Billboard]]'', ''[[Film Journal International]]'', and ''[[The Hollywood Reporter]]''.


On December 17, 2015, it was announced that Guggenheim would spin out its media properties to a group led by former executive Todd Boehly.
On December 17, 2015, it was announced that Guggenheim would spin out its media properties to a group led by former executive Todd Boehly, known as [[Eldridge Industries]].


==History ==
==History ==


=== Founding ===
=== Founding ===
On December 10, 2009, the Nielsen Company announced that it would sell its Business Media division, which included brands such as ''[[Adweek]]'', ''[[Billboard (magazine)|Billboard]]'', and ''[[The Hollywood Reporter]]'', to a new company known as e5 Global Media; a joint venture between [[Guggenheim Partners]] and Pluribus Capital Management—a company led by James Finkelstein, Matthew Doull, and George Green. Two Nielsen properties, ''[[Editor & Publisher]]'', and ''[[Kirkus Reviews]]'', were not included in the sale, and were to be shut down.<ref name=adage-adweeksold>{{cite web|title=Adweek Group Among Titles Sold to e5 Global Media Holdings|url=http://adage.com/article/media/media-news-adweek-sold-e5-global-media-holdings/140994/|website=Ad Age|accessdate=18 June 2014}}</ref> ''Editor & Publisher'' would instead be sold to the Duncan McIntosh Company,<ref>{{cite news|last= Milbourn|first=Mary Ann|work=OC Register|title= OC boating publisher buys 'Bible' of newspaper industry|url=http://ocbiz.ocregister.com/2010/01/14/oc-boating-publisher-buys-bible-of-newspaper-industry/16453/ | date=2010-01-14 |accessdate=2010-10-08 }}</ref> and ''Kirkus Reviews'' would be sold to [[Herbert Simon (real estate)|Herbert Simon]].<ref name=NYT_Rich2>{{cite news |last=Rich |first=Motoko |date=February 10, 2010 |url=http://mediadecoder.blogs.nytimes.com/2010/02/10/kirkus-gets-a-new-owner-from-the-nba/?scp=1&sq=kirkus&st=cse |title=Kirkus Gets a New Owner – From the N.B.A. |newspaper=The New York Times |accessdate=March 22, 2012}}</ref> The company's first CEO was [[Richard Beckman]],<ref>{{Cite news|url=http://www.minonline.com/richard-beckmans-big-bang-at-e5-global-media-should-be-known-by-july/|title=Richard Beckman’s 'Big Bang' At E5 Global Media Should Be Known By July. - min Online|date=2010-05-03|newspaper=min Online|language=en-US|access-date=2016-12-09}}</ref> previously an executive and publisher at Condé Nast and Fairchild Publications,<ref>[http://mediadecoder.blogs.nytimes.com/2010/01/12/richard-beckman-leaves-conde-nast-to-head-e5-global-media/?_r=0 "Richard Beckman Leaves Condé Nast to Head e5 Global Media"]. January 12, 2010. Media Decoder. New York Times.</ref> and former publisher of magazines ''GQ'' and ''Vogue''.<ref name="NYT-pays">[http://www.adweek.com/fishbowlny/ex-mens-vogue-publisher-finds-a-new-home-at-conde-nast/12978 "Ex ''Men’s Vogue'' Publisher Finds A New Home At Conde Nast"]. Amanda Ernst. June 18, 2009. ''[[Adweek.com]]''.</ref> Beckman's career suffered a setback in 1999 following "some inappropriate behavior" resulting in injuries to ''Vogue''{{'}}s West Coast advertising director Carol Matthews, while Beckman was Matthews' publisher at Condé Nast.<ref name="NYT-pays">Kuczynski, Alex (September 22, 1999). [http://www.nytimes.com/1999/09/22/nyregion/conde-nast-pays-woman-injured-by-executive.html "Conde Nast Pays Woman Injured by Executive"]. ''[[The New York Times]]''.</ref>
On December 10, 2009, the Nielsen Company announced that it would sell its Business Media division, which included brands such as ''[[Adweek]]'', ''[[Billboard (magazine)|Billboard]]'', and ''[[The Hollywood Reporter]]'', to a new company known as e5 Global Media; a joint venture between [[Guggenheim Partners]] and Pluribus Capital Management—a company led by James Finkelstein, Matthew Doull, and George Green. Two Nielsen properties, ''[[Editor & Publisher]]'', and ''[[Kirkus Reviews]]'', were not included in the sale, and were to be shut down.<ref name=adage-adweeksold>{{cite web|title=Adweek Group Among Titles Sold to e5 Global Media Holdings|url=http://adage.com/article/media/media-news-adweek-sold-e5-global-media-holdings/140994/|website=Ad Age|access-date=18 June 2014}}</ref> ''Editor & Publisher'' would instead be sold to the Duncan McIntosh Company,<ref>{{cite news|last= Milbourn|first= Mary Ann|work= OC Register|title= OC boating publisher buys 'Bible' of newspaper industry|url= http://ocbiz.ocregister.com/2010/01/14/oc-boating-publisher-buys-bible-of-newspaper-industry/16453/|date= 2010-01-14|access-date= 2010-10-08|archive-url= https://web.archive.org/web/20100708102839/http://ocbiz.ocregister.com/2010/01/14/oc-boating-publisher-buys-bible-of-newspaper-industry/16453/|archive-date= 2010-07-08|url-status= dead}}</ref> and ''Kirkus Reviews'' would be sold to [[Herbert Simon (real estate)|Herbert Simon]].<ref name=NYT_Rich2>{{cite news |last=Rich |first=Motoko |date=February 10, 2010 |url=http://mediadecoder.blogs.nytimes.com/2010/02/10/kirkus-gets-a-new-owner-from-the-nba/?scp=1&sq=kirkus&st=cse |title=Kirkus Gets a New Owner – From the N.B.A. |newspaper=The New York Times |access-date=March 22, 2012}}</ref> The company's first CEO was [[Richard Beckman]],<ref>{{Cite news|url=http://www.minonline.com/richard-beckmans-big-bang-at-e5-global-media-should-be-known-by-july/|title=Richard Beckman's 'Big Bang' At E5 Global Media Should Be Known By July. – min Online|date=2010-05-03|newspaper=min Online|language=en-US|access-date=2016-12-09|archive-url=https://web.archive.org/web/20161116020514/http://www.minonline.com/richard-beckmans-big-bang-at-e5-global-media-should-be-known-by-july/|archive-date=2016-11-16|url-status=dead}}</ref> previously an executive and publisher at Condé Nast and Fairchild Publications,<ref>[http://mediadecoder.blogs.nytimes.com/2010/01/12/richard-beckman-leaves-conde-nast-to-head-e5-global-media/?_r=0 "Richard Beckman Leaves Condé Nast to Head e5 Global Media"]. January 12, 2010. Media Decoder. New York Times.</ref> and former publisher of magazines ''GQ'' and ''Vogue''.<ref name="adweek-newhome">[http://www.adweek.com/fishbowlny/ex-mens-vogue-publisher-finds-a-new-home-at-conde-nast/12978 "Ex ''Men's Vogue'' Publisher Finds A New Home At Conde Nast"]. Amanda Ernst. June 18, 2009. ''[[Adweek.com]]''.</ref> Beckman's career suffered a setback in 1999 following "some inappropriate behavior" resulting in injuries to ''Vogue''{{'}}s West Coast advertising director Carol Matthews, while Beckman was Matthews' publisher at Condé Nast.<ref name="NYT-pays">Kuczynski, Alex (September 22, 1999). [https://www.nytimes.com/1999/09/22/nyregion/conde-nast-pays-woman-injured-by-executive.html "Conde Nast Pays Woman Injured by Executive"]. ''[[The New York Times]]''.</ref>


Beckman's first major move was a re-launch of ''The Hollywood Reporter''; with the hiring of [[Janice Min]], formerly of ''[[Us Weekly]]'', as editorial director, ''THR'' replaced its daily print publication with a weekly magazine, and performed a significant redesign to its website with an increased focus on breaking scoops. The new format was meant to compete against up-and-coming [[blog]]s focusing on industry news, such as ''[[Deadline.com]]'' and ''[[TheWrap]]'', along with its then-struggling rival ''[[Variety (magazine)|Variety]]''. The changes had a significant impact on the publication's performance: by 2013, ad sales were up more than 50%, while traffic to the magazine's website had grown by 800%.<ref>{{cite news|last=Barnes|first=Brooks|title=From Has-Been to Life of the Party|url=http://www.nytimes.com/2013/02/17/fashion/the-hollywood-reporter-dusts-off-its-party-clothes.html|publisher=New York Times|accessdate=11 October 2013}}</ref><ref>{{cite news|last=Barnes|first=Brooks|title=Hollywood Reporter to Become a Weekly Magazine|url=http://www.nytimes.com/2010/09/13/business/media/13hollywood.html?pagewanted=all|publisher=New York Times|accessdate=11 October 2013}}</ref> In October 2010, the company was renamed Prometheus Global Media; named after the [[Prometheus|Greek mythological figure]], Beckman stated in an internal memo that the new name would "[carry] more weight and gravitas in the marketplace."<ref name=folio-name>{{cite web|title=What's in a Name?|url=http://www.foliomag.com/2010/whats-name|website=[[Folio (magazine)|Folio]]|accessdate=18 June 2014}}</ref>
Beckman's first major move was a re-launch of ''The Hollywood Reporter''; with the hiring of [[Janice Min]], formerly of ''[[Us Weekly]]'', as editorial director, ''THR'' replaced its daily print publication with a weekly magazine, and performed a significant redesign to its website with an increased focus on breaking scoops. The new format was meant to compete against up-and-coming [[blog]]s focusing on industry news, such as ''[[Deadline Hollywood]]'' and ''[[TheWrap]]'', along with its then-struggling rival ''[[Variety (magazine)|Variety]]''. The changes had a significant impact on the publication's performance: by 2013, ad sales were up more than 50%, while traffic to the magazine's website had grown by 800%.<ref>{{cite news|last=Barnes|first=Brooks|title=From Has-Been to Life of the Party|url=https://www.nytimes.com/2013/02/17/fashion/the-hollywood-reporter-dusts-off-its-party-clothes.html|work=[[The New York Times]]|access-date=11 October 2013}}</ref><ref>{{cite news|last=Barnes|first=Brooks|title=Hollywood Reporter to Become a Weekly Magazine|url=https://www.nytimes.com/2010/09/13/business/media/13hollywood.html?pagewanted=all|work=[[The New York Times]]|access-date=11 October 2013}}</ref> In October 2010, the company was renamed Prometheus Global Media; named after the [[Prometheus|Greek mythological figure]], Beckman stated in an internal memo that the new name would "[carry] more weight and gravitas in the marketplace."<ref name=folio-name>{{cite web|title=What's in a Name?|url=http://www.foliomag.com/2010/whats-name|website=[[Folio (magazine)|Folio]]|access-date=18 June 2014}}</ref>


=== Re-organization and acquisition ===
=== Re-organization and acquisition ===
In late 2011, Prometheus went through a number of [[cost reduction|cost-cutting]] measures. In August 2011, ''Backstage'' was sold to a group of investors led by John Amato in a transaction funded by Guggenheim, and the following month, Prometheus laid off the staff responsible for the ''Hollywood Creative Directory'' and announced it had sold the publication.<ref name=deadline-backstagesold>{{cite web|title=UPDATE: Prometheus Selling ‘Back Stage’; The Hollywood Reporter’s Parent Company "Dropping Assets Like Flies Now"|url=http://www.deadline.com/2011/10/the-hollywood-reporters-parent-company-unloading-more-assets-to-cut-costs-prometheus-selling-back-stage/|work=Deadline|accessdate=30 May 2014}}</ref><ref name=thr-backstagesold>{{cite web|title=Prometheus Global Media, Investor Group Strike Alliance for Back Stage|url=http://www.hollywoodreporter.com/news/prometheus-global-media-investor-group-243120|work=The Hollywood Reporter|accessdate=30 May 2014}}</ref><ref name=deadline-cuts>{{cite web|title=The Hollywood Reporter’s Parent Company Continues To Cost Cut: Prometheus Pulled Plug On Hollywood Creative Directory; Adweek Also In Trouble And In Turmoil|url=http://www.deadline.com/2011/09/the-hollywood-reporters-parent-company-continues-to-cost-cut-prometheus-pulled-plug-on-hollywood-creative-directory-adweek-also-in-trouble/|work=Deadline|accessdate=30 May 2014}}</ref>
In late 2011, Prometheus went through a number of [[cost reduction|cost-cutting]] measures. In August 2011, ''Backstage'' was sold to a group of investors led by John Amato in a transaction funded by Guggenheim, and the following month, Prometheus laid off the staff responsible for the ''Hollywood Creative Directory'' and announced it had sold the publication.<ref name=deadline-backstagesold>{{cite web|title=UPDATE: Prometheus Selling 'Back Stage'; The Hollywood Reporter's Parent Company "Dropping Assets Like Flies Now"|url=https://www.deadline.com/2011/10/the-hollywood-reporters-parent-company-unloading-more-assets-to-cut-costs-prometheus-selling-back-stage/|website=Deadline Hollywood|access-date=30 May 2014}}</ref><ref name=thr-backstagesold>{{cite web|title=Prometheus Global Media, Investor Group Strike Alliance for Back Stage|url=https://www.hollywoodreporter.com/news/prometheus-global-media-investor-group-243120|work=The Hollywood Reporter|access-date=30 May 2014}}</ref><ref name=deadline-cuts>{{cite web|title=The Hollywood Reporter's Parent Company Continues To Cost Cut: Prometheus Pulled Plug On Hollywood Creative Directory; Adweek Also In Trouble And In Turmoil|url=https://www.deadline.com/2011/09/the-hollywood-reporters-parent-company-continues-to-cost-cut-prometheus-pulled-plug-on-hollywood-creative-directory-adweek-also-in-trouble/|website=Deadline Hollywood|access-date=30 May 2014}}</ref>


In January 2013, Guggenheim Partners acquired the stake in Prometheus owned by Pluribus Capital, giving it full ownership; following the acquisition, former [[Yahoo!]] executive [[Ross Levinsohn]] was named as CEO of the new Guggenheim Digital Media division, which would oversee Prometheus and other digital assets for Guggenheim companies (such as [[Dick Clark Productions]]). In April 2013, Guggenheim re-acquired ''Backstage'' (which had also acquired Sonicbids, a platform for allowing musicians to book [[Gig (music)|gigs]] online) and made its CEO John Amato president of the Billboard Group—a new group consisting of ''Billboard'', ''Backstage'', and Sonicbids.<ref name=billboard-group>{{cite web|title=Guggenheim Digital Media Announces Formation of Billboard Group|url=http://www.billboard.com/biz/articles/news/branding/1558441/guggenheim-digital-media-announces-formation-of-billboard-group|work=Billboard.biz|accessdate=29 May 2014}}</ref><ref name=variety-shakeup>{{cite web|title=In Guggenheim Shakeup, Ross Levinsohn No Longer Overseeing THR or Billboard|url=http://variety.com/2014/biz/news/in-guggenheim-shakeup-ross-levinsohn-no-longer-overseeing-thr-or-billboard-1201036717/|work=Variety|accessdate=29 May 2014}}</ref><ref name=nyp-bound>{{cite web|title=Prometheus bound|url=http://nypost.com/2013/01/16/prometheus-bound/|work=New York Post|accessdate=29 May 2014}}</ref><ref name=adweek-guggenbackstage>{{cite web|title=Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic Bids|url=http://www.adweek.com/news/advertising-branding/guggenheim-digital-media-buys-remaining-stake-backstage-sonic-bids-148658|work=Adweek|accessdate=29 May 2014}}</ref>
In January 2013, Guggenheim Partners acquired the stake in Prometheus owned by Pluribus Capital, giving it full ownership; following the acquisition, former [[Yahoo!]] executive [[Ross Levinsohn]] was named as CEO of the new Guggenheim Digital Media division, which would oversee Prometheus and other digital assets for Guggenheim companies (such as [[Dick Clark Productions]]). In April 2013, Guggenheim re-acquired ''Backstage'' (which had also acquired Sonicbids, a platform for allowing musicians to book gigs online) and made its CEO John Amato president of the Billboard Group—a new group consisting of ''Billboard'', ''Backstage'', and Sonicbids.<ref name=billboard-group>{{cite web|title=Guggenheim Digital Media Announces Formation of Billboard Group|url=https://www.billboard.com/biz/articles/news/branding/1558441/guggenheim-digital-media-announces-formation-of-billboard-group|work=Billboard.biz|access-date=29 May 2014}}</ref><ref name=variety-shakeup>{{cite web|title=In Guggenheim Shakeup, Ross Levinsohn No Longer Overseeing THR or Billboard|url=https://variety.com/2014/biz/news/in-guggenheim-shakeup-ross-levinsohn-no-longer-overseeing-thr-or-billboard-1201036717/|work=Variety|access-date=29 May 2014}}</ref><ref name=adweek-guggenbackstage>{{cite web|title=Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic Bids|url=http://www.adweek.com/news/advertising-branding/guggenheim-digital-media-buys-remaining-stake-backstage-sonic-bids-148658|work=Adweek|access-date=29 May 2014}}</ref>


In a January 2014 restructuring, Levinsohn was shifted to a business development role and no longer directly manages the Prometheus properties. Additionally, the company was split into two operating groups; an Entertainment Group was formed by merging ''The Hollywood Reporter'' into the Billboard Group, with Janice Min becoming co-president and [[chief creative officer]] of the group alongside Amato. The remaining properties, consisting of ''Adweek'' and Film Expo Group, are led by Jeff Wilbur.<ref name=variety-shakeup/><ref name=billboard-minthr>{{cite web|title=Janice Min to Head Billboard, THR as Co-President of Entertainment Group for Guggenheim|url=http://www.billboard.com/articles/news/5862363/janice-min-to-head-billboard-thr|work=Billboard|accessdate=29 May 2014}}</ref>
In a January 2014 restructuring, Levinsohn was shifted to a business development role and no longer directly manages the Prometheus properties. Additionally, the company was split into two operating groups; an Entertainment Group was formed by merging ''The Hollywood Reporter'' into the Billboard Group, with Janice Min becoming co-president and [[chief creative officer]] of the group alongside Amato. The remaining properties, consisting of ''Adweek'' and Film Expo Group, are led by Jeff Wilbur.<ref name=variety-shakeup/><ref name=billboard-minthr>{{cite web|title=Janice Min to Head Billboard, THR as Co-President of Entertainment Group for Guggenheim|url=https://www.billboard.com/articles/news/5862363/janice-min-to-head-billboard-thr|work=Billboard|access-date=29 May 2014}}</ref>


On May 29, 2014, Prometheus announced it would acquire the publishing assets of [[Mecklermedia|Mediabistro]]—a network of websites focusing on various aspects of the [[mass media]] industry—which includes the media job listing site ''[[Mediabistro (website)|Mediabistro]]'' and its network of blogs such as ''AgencySpy'', ''FishbowlNY'', ''Lost Remote'' and ''TVNewser''—for $8 million. The acquisition did not include Mediabistro's expo business, which were retained under the name Mecklermedia.<ref name=adweek-mbbuy>{{cite web|title=Adweek Parent Prometheus Buys Mediabistro Editorial Assets|url=http://www.adweek.com/news/press/adweek-parent-prometheus-buys-mediabistro-editorial-assets-158001|work=Adweek|accessdate=29 May 2014}}</ref><ref name=fishbowlny-pgmsell>{{cite web|title=Prometheus Global Media to Acquire Mediabistro|url=http://www.mediabistro.com/fishbowlny/prometheus-global-media-to-acquire-mediabistro_b214928?c=slider|work=FishbowlNY|accessdate=29 May 2014}}</ref> On January 13, 2015, ''[[Adweek]]'' and Film Expo Group were merged into Mediabistro to form a new Prometheus subsidiary, Mediabistro Holdings. At the same time, its blogs were re-launched under the new "Adweek Blog Network" banner, and all of Mediabistro's social media-oriented blogs were merged into ''SocialTimes''.<ref name=adweek-blognetlaunch>{{cite web|url=http://www.adweek.com/news/press/9-popular-sites-become-core-new-adweek-blog-network-162328|title=9 Popular Sites Become Core of New Adweek Blog Network|work=Adweek|accessdate=16 January 2015}}</ref>
On May 29, 2014, Prometheus announced it would acquire the publishing assets of [[Mecklermedia|Mediabistro]]—a network of websites focusing on various aspects of the [[mass media]] industry—which includes the media job listing site ''[[Mediabistro (website)|Mediabistro]]'' and its network of blogs such as ''AgencySpy'', ''FishbowlNY'', ''Lost Remote'' and ''TVNewser''—for $8 million. The acquisition did not include Mediabistro's expo business, which were retained under the name Mecklermedia.<ref name=adweek-mbbuy>{{cite web|title=Adweek Parent Prometheus Buys Mediabistro Editorial Assets|url=http://www.adweek.com/news/press/adweek-parent-prometheus-buys-mediabistro-editorial-assets-158001|work=Adweek|access-date=29 May 2014}}</ref><ref name=fishbowlny-pgmsell>{{cite web|title=Prometheus Global Media to Acquire Mediabistro|url=http://www.mediabistro.com/fishbowlny/prometheus-global-media-to-acquire-mediabistro_b214928?c=slider|work=FishbowlNY|access-date=29 May 2014|archive-url=https://web.archive.org/web/20140529223901/http://www.mediabistro.com/fishbowlny/prometheus-global-media-to-acquire-mediabistro_b214928?c=slider|archive-date=29 May 2014|url-status=dead}}</ref> On January 13, 2015, ''[[Adweek]]'' and Film Expo Group were merged into Mediabistro to form a new Prometheus subsidiary, Mediabistro Holdings. At the same time, its blogs were re-launched under the new "Adweek Blog Network" banner, and all of Mediabistro's social media-oriented blogs were merged into ''SocialTimes''.<ref name=adweek-blognetlaunch>{{cite web|url=http://www.adweek.com/news/press/9-popular-sites-become-core-new-adweek-blog-network-162328|title=9 Popular Sites Become Core of New Adweek Blog Network|work=Adweek|access-date=16 January 2015}}</ref>


In March 2015, Guggenheim Partners reported that its president Todd Boehly was exploring the possibility of forming his own company. A representative stated that such a company would "likely be harmonious with Guggenheim, especially since Todd's role for some time has been strategic and transaction-oriented, rather than working in or managing any of our day-to-day businesses."<ref name=variety-bohleycompany>{{cite web|title=Guggenheim Partners Says President Todd Boehly Is Exploring Forming His Own Company|url=http://variety.com/2015/digital/news/guggenheim-partners-says-president-todd-boehly-is-exploring-forming-his-own-company-1201460922/|website=Variety|accessdate=4 January 2016}}</ref> On December 17, 2015, in response to losses across Guggenheim Partners, the company announced that it would spin out its media properties to a group led by Boehly, including the Hollywood Reporter-Billboard Media Group, Mediabistro, and [[Dick Clark Productions]], all under their existing leadership.<ref name=deadline-guggensell>{{cite web|title=Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec|url=http://deadline.com/2015/12/guggenheim-partners-sell-hollywood-reporter-dick-clark-productions-todd-boehly-1201668970/|website=Deadline.com|accessdate=18 December 2015}}</ref><ref name=thewrap-todd>{{cite web|title=Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)|url=http://www.thewrap.com/guggenheim-media-spins-off-hollywood-reporter-billboard-to-company-president-todd-boehly-exclusive/|website=The Wrap|accessdate=18 December 2015}}</ref><ref name=thr-spinout>{{cite web|title=Hollywood Reporter Parent Company Spins Off Media Assets to Executive|url=http://www.hollywoodreporter.com/news/hollywood-reporter-parent-company-spins-850051|website=The Hollywood Reporter|accessdate=3 January 2016}}</ref>
In March 2015, Guggenheim Partners reported that its president Todd Boehly was exploring the possibility of forming his own company. A representative stated that such a company would "likely be harmonious with Guggenheim, especially since Todd's role for some time has been strategic and transaction-oriented, rather than working in or managing any of our day-to-day businesses."<ref name=variety-bohleycompany>{{cite web|title=Guggenheim Partners Says President Todd Boehly Is Exploring Forming His Own Company|url=https://variety.com/2015/digital/news/guggenheim-partners-says-president-todd-boehly-is-exploring-forming-his-own-company-1201460922/|website=Variety|access-date=4 January 2016}}</ref> On December 17, 2015, in response to losses across Guggenheim Partners, the company announced that it would spin out its media properties to a group led by Boehly, including the Hollywood Reporter-Billboard Media Group, Mediabistro, and [[Dick Clark Productions]], all under their existing leadership.<ref name=deadline-guggensell>{{cite web|title=Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec|url=https://deadline.com/2015/12/guggenheim-partners-sell-hollywood-reporter-dick-clark-productions-todd-boehly-1201668970/|website=Deadline Hollywood|access-date=18 December 2015}}</ref><ref name=thewrap-todd>{{cite web|title=Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)|url=https://www.thewrap.com/guggenheim-media-spins-off-hollywood-reporter-billboard-to-company-president-todd-boehly-exclusive/|website=The Wrap|access-date=18 December 2015}}</ref><ref name=thr-spinout>{{cite web|title=Hollywood Reporter Parent Company Spins Off Media Assets to Executive|url=https://www.hollywoodreporter.com/news/hollywood-reporter-parent-company-spins-850051|work=The Hollywood Reporter|access-date=3 January 2016}}</ref> The resultant company is known as [[Eldridge Industries]].<ref>{{cite web|title=Dodgers' Boehly Leads $100 Million DraftKings Investment|url=https://www.bloomberg.com/news/articles/2017-03-09/dodgers-boehly-said-to-lead-100-million-draftkings-investment|website=Bloomberg|access-date=10 March 2017}}</ref>

On July 17, 2016, Canadian private equity firm Beringer Capital announced that it had acquired [[Adweek]].<ref name="tc-sold">{{cite web|title=Adweek acquired by private equity firm Beringer Capital|url=https://techcrunch.com/2016/07/18/adweek-acquired-by-private-equity-firm-beringer-capital/|website=TechCrunch|accessdate=19 July 2016}}</ref> In December 2016, Prometheus acquired [[Spin (magazine)|SPIN]], [[Vibe (magazine)|Vibe]], [[Stereogum]], and Death and Taxes from [[SpinMedia]].<ref>{{Cite web| title = Spin, Vibe & Stereogum sold to Billboard/Hollywood Reporter| work = BrooklynVegan| accessdate = 2017-01-02| url = http://www.brooklynvegan.com/spin-vibe-stereogum-sold-to-billboardhollywood-reporter/}}</ref>

==Assets==
* Hollywood Reporter-Billboard Media Group
** ''[[Backstage (magazine)|Backstage]]''
** ''[[Billboard (magazine)|Billboard]]''
** ''[[The Hollywood Reporter]]''
** ''[[Spin (magazine)|SPIN]]''
** ''[[Vibe (magazine)|Vibe]]''
** [[Stereogum]]
** Death and Taxes
* Mediabistro Holdings
** [[Clio Awards]]
** Film Expo Group
*** ''[[Film Journal International]]''
** ''Brands of the World''
** ''Ads of the World''
** ''StockLogos''
** [[Graphics.com (website)|Graphics.com]]
** [[Mediabistro (website)|Mediabistro.com]]


== See also ==
== See also ==
Line 97: Line 78:
==External links==
==External links==
* {{official website|http://www.prometheusgm.com/}}
* {{official website|http://www.prometheusgm.com/}}

{{e5 Global}}


[[Category:Publishing companies established in 2009]]
[[Category:Publishing companies established in 2009]]
[[Category:Magazine publishing companies of the United States]]
[[Category:Magazine publishing companies of the United States]]
[[Category:Companies based in New York City]]
[[Category:Companies based in New York City]]
[[Category:2009 establishments in New York]]
[[Category:2009 establishments in New York City]]
[[Category:2015 disestablishments in New York]]
[[Category:2015 disestablishments in New York (state)]]

Latest revision as of 15:03, 5 July 2024

Prometheus Global Media
FormerlyPrometheus Global Media
Company typeSubsidiary
IndustryDigital media, trade publications
PredecessorNielsen Business Media
FounderOwned by Skrrt
Headquarters
New York City, New York
,
United States
Area served
Worldwide
Key people
Ross Levinsohn
(CEO)
Brands279
Services786
Websitepusgm.com

Prometheus Global Media was a New York City–based B2B media company. The company was formed in December 2009, when Nielsen Company sold its entertainment and media division to a private equity-backed group led by Pluribus Capital Management and Guggenheim Partners. Guggenheim acquired Pluribus's stake in the company in January 2013, giving it full ownership under the division of Guggenheim Digital Media.

The company owned and operated a number of major entertainment industry trade publications and their associated digital properties, including Adweek, Backstage, Billboard, Film Journal International, and The Hollywood Reporter.

On December 17, 2015, it was announced that Guggenheim would spin out its media properties to a group led by former executive Todd Boehly, known as Eldridge Industries.

History

[edit]

Founding

[edit]

On December 10, 2009, the Nielsen Company announced that it would sell its Business Media division, which included brands such as Adweek, Billboard, and The Hollywood Reporter, to a new company known as e5 Global Media; a joint venture between Guggenheim Partners and Pluribus Capital Management—a company led by James Finkelstein, Matthew Doull, and George Green. Two Nielsen properties, Editor & Publisher, and Kirkus Reviews, were not included in the sale, and were to be shut down.[1] Editor & Publisher would instead be sold to the Duncan McIntosh Company,[2] and Kirkus Reviews would be sold to Herbert Simon.[3] The company's first CEO was Richard Beckman,[4] previously an executive and publisher at Condé Nast and Fairchild Publications,[5] and former publisher of magazines GQ and Vogue.[6] Beckman's career suffered a setback in 1999 following "some inappropriate behavior" resulting in injuries to Vogue's West Coast advertising director Carol Matthews, while Beckman was Matthews' publisher at Condé Nast.[7]

Beckman's first major move was a re-launch of The Hollywood Reporter; with the hiring of Janice Min, formerly of Us Weekly, as editorial director, THR replaced its daily print publication with a weekly magazine, and performed a significant redesign to its website with an increased focus on breaking scoops. The new format was meant to compete against up-and-coming blogs focusing on industry news, such as Deadline Hollywood and TheWrap, along with its then-struggling rival Variety. The changes had a significant impact on the publication's performance: by 2013, ad sales were up more than 50%, while traffic to the magazine's website had grown by 800%.[8][9] In October 2010, the company was renamed Prometheus Global Media; named after the Greek mythological figure, Beckman stated in an internal memo that the new name would "[carry] more weight and gravitas in the marketplace."[10]

Re-organization and acquisition

[edit]

In late 2011, Prometheus went through a number of cost-cutting measures. In August 2011, Backstage was sold to a group of investors led by John Amato in a transaction funded by Guggenheim, and the following month, Prometheus laid off the staff responsible for the Hollywood Creative Directory and announced it had sold the publication.[11][12][13]

In January 2013, Guggenheim Partners acquired the stake in Prometheus owned by Pluribus Capital, giving it full ownership; following the acquisition, former Yahoo! executive Ross Levinsohn was named as CEO of the new Guggenheim Digital Media division, which would oversee Prometheus and other digital assets for Guggenheim companies (such as Dick Clark Productions). In April 2013, Guggenheim re-acquired Backstage (which had also acquired Sonicbids, a platform for allowing musicians to book gigs online) and made its CEO John Amato president of the Billboard Group—a new group consisting of Billboard, Backstage, and Sonicbids.[14][15][16]

In a January 2014 restructuring, Levinsohn was shifted to a business development role and no longer directly manages the Prometheus properties. Additionally, the company was split into two operating groups; an Entertainment Group was formed by merging The Hollywood Reporter into the Billboard Group, with Janice Min becoming co-president and chief creative officer of the group alongside Amato. The remaining properties, consisting of Adweek and Film Expo Group, are led by Jeff Wilbur.[15][17]

On May 29, 2014, Prometheus announced it would acquire the publishing assets of Mediabistro—a network of websites focusing on various aspects of the mass media industry—which includes the media job listing site Mediabistro and its network of blogs such as AgencySpy, FishbowlNY, Lost Remote and TVNewser—for $8 million. The acquisition did not include Mediabistro's expo business, which were retained under the name Mecklermedia.[18][19] On January 13, 2015, Adweek and Film Expo Group were merged into Mediabistro to form a new Prometheus subsidiary, Mediabistro Holdings. At the same time, its blogs were re-launched under the new "Adweek Blog Network" banner, and all of Mediabistro's social media-oriented blogs were merged into SocialTimes.[20]

In March 2015, Guggenheim Partners reported that its president Todd Boehly was exploring the possibility of forming his own company. A representative stated that such a company would "likely be harmonious with Guggenheim, especially since Todd's role for some time has been strategic and transaction-oriented, rather than working in or managing any of our day-to-day businesses."[21] On December 17, 2015, in response to losses across Guggenheim Partners, the company announced that it would spin out its media properties to a group led by Boehly, including the Hollywood Reporter-Billboard Media Group, Mediabistro, and Dick Clark Productions, all under their existing leadership.[22][23][24] The resultant company is known as Eldridge Industries.[25]

See also

[edit]

References

[edit]
  1. ^ "Adweek Group Among Titles Sold to e5 Global Media Holdings". Ad Age. Retrieved 18 June 2014.
  2. ^ Milbourn, Mary Ann (2010-01-14). "OC boating publisher buys 'Bible' of newspaper industry". OC Register. Archived from the original on 2010-07-08. Retrieved 2010-10-08.
  3. ^ Rich, Motoko (February 10, 2010). "Kirkus Gets a New Owner – From the N.B.A." The New York Times. Retrieved March 22, 2012.
  4. ^ "Richard Beckman's 'Big Bang' At E5 Global Media Should Be Known By July. – min Online". min Online. 2010-05-03. Archived from the original on 2016-11-16. Retrieved 2016-12-09.
  5. ^ "Richard Beckman Leaves Condé Nast to Head e5 Global Media". January 12, 2010. Media Decoder. New York Times.
  6. ^ "Ex Men's Vogue Publisher Finds A New Home At Conde Nast". Amanda Ernst. June 18, 2009. Adweek.com.
  7. ^ Kuczynski, Alex (September 22, 1999). "Conde Nast Pays Woman Injured by Executive". The New York Times.
  8. ^ Barnes, Brooks. "From Has-Been to Life of the Party". The New York Times. Retrieved 11 October 2013.
  9. ^ Barnes, Brooks. "Hollywood Reporter to Become a Weekly Magazine". The New York Times. Retrieved 11 October 2013.
  10. ^ "What's in a Name?". Folio. Retrieved 18 June 2014.
  11. ^ "UPDATE: Prometheus Selling 'Back Stage'; The Hollywood Reporter's Parent Company "Dropping Assets Like Flies Now"". Deadline Hollywood. Retrieved 30 May 2014.
  12. ^ "Prometheus Global Media, Investor Group Strike Alliance for Back Stage". The Hollywood Reporter. Retrieved 30 May 2014.
  13. ^ "The Hollywood Reporter's Parent Company Continues To Cost Cut: Prometheus Pulled Plug On Hollywood Creative Directory; Adweek Also In Trouble And In Turmoil". Deadline Hollywood. Retrieved 30 May 2014.
  14. ^ "Guggenheim Digital Media Announces Formation of Billboard Group". Billboard.biz. Retrieved 29 May 2014.
  15. ^ a b "In Guggenheim Shakeup, Ross Levinsohn No Longer Overseeing THR or Billboard". Variety. Retrieved 29 May 2014.
  16. ^ "Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic Bids". Adweek. Retrieved 29 May 2014.
  17. ^ "Janice Min to Head Billboard, THR as Co-President of Entertainment Group for Guggenheim". Billboard. Retrieved 29 May 2014.
  18. ^ "Adweek Parent Prometheus Buys Mediabistro Editorial Assets". Adweek. Retrieved 29 May 2014.
  19. ^ "Prometheus Global Media to Acquire Mediabistro". FishbowlNY. Archived from the original on 29 May 2014. Retrieved 29 May 2014.
  20. ^ "9 Popular Sites Become Core of New Adweek Blog Network". Adweek. Retrieved 16 January 2015.
  21. ^ "Guggenheim Partners Says President Todd Boehly Is Exploring Forming His Own Company". Variety. Retrieved 4 January 2016.
  22. ^ "Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec". Deadline Hollywood. Retrieved 18 December 2015.
  23. ^ "Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)". The Wrap. Retrieved 18 December 2015.
  24. ^ "Hollywood Reporter Parent Company Spins Off Media Assets to Executive". The Hollywood Reporter. Retrieved 3 January 2016.
  25. ^ "Dodgers' Boehly Leads $100 Million DraftKings Investment". Bloomberg. Retrieved 10 March 2017.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Prometheus_Global_Media&oldid=1232776958"