Prometheus Global Media

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Prometheus Global Media
Formerly called e5 Global Media
Type Subsidiary
Industry Digital media, trade publications
Predecessors Nielsen Business Media
Headquarters New York City, United States
Key people Ross Levinsohn, CEO
Parent Guggenheim Partners
Website www.prometheusgm.com

Prometheus Global Media is New York City-based business-to-business media company. The company was formed in December 2009 by the sale of the entertainment and media division of Nielsen Company to a private equity-backed group led by Pluribus Capital Management and Guggenheim Partners. Guggenheim would acquire Pluribus's stake in the company in January 2013, giving it full ownership.

The company owns and operates a number of major entertainment industry trade publications, including Adweek, Back Stage, Billboard, Film Journal International, and The Hollywood Reporter.

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 Doul, and George Green. Two Nislsen 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 D. Beckman, previously an executive at Condé Nast and Fairchild Publications,[4] and former publisher of magazines GQ and Vogue.[5] 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.[5]

Beckman's first major move came 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 to compete against up-and-coming blogs focusing on industry news, such as Deadline.com and The Wrap (along with a struggling VarietyTHR's main rival). 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%.[6][7] In October 2010, the company was re-named 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."[8]

Re-organization and acquisition[edit]

In late-2011, Prometheus went through a number of cost-cutting measures. In August 2011, Back Stage 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.[9][10][11]

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 Back Stage (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, Back Stage, and Sonicbids.[12][13][14][15]

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.[13][16]

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 will not include Mediabistro's expo business, which will be retained as Mecklermedia.[17][18]

Assets[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. 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, CEO, Prometheus Media :: Media Business". November 5, 2010. BtoBonline.com. Crain Communications.
  5. ^ a b Kuczynski, Alex (September 22, 1999). "Conde Nast Pays Woman Injured by Executive". The New York Times.
  6. ^ Barnes, Brooks. "From Has-Been to Life of the Party". New York Times. Retrieved 11 October 2013. 
  7. ^ Barnes, Brooks. "Hollywood Reporter to Become a Weekly Magazine". New York Times. Retrieved 11 October 2013. 
  8. ^ "What's in a Name?". Folio. Retrieved 18 June 2014. 
  9. ^ "UPDATE: Prometheus Selling ‘Back Stage’; The Hollywood Reporter’s Parent Company “Dropping Assets Like Flies Now”". Deadline. Retrieved 30 May 2014. 
  10. ^ "Prometheus Global Media, Investor Group Strike Alliance for Back Stage". The Hollywood Reporter. Retrieved 30 May 2014. 
  11. ^ "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. Retrieved 30 May 2014. 
  12. ^ "Guggenheim Digital Media Announces Formation of Billboard Group". Billboard.biz. Retrieved 29 May 2014. 
  13. ^ a b "In Guggenheim Shakeup, Ross Levinsohn No Longer Overseeing THR or Billboard". Variety. Retrieved 29 May 2014. 
  14. ^ "Prometheus bound". New York Post. Retrieved 29 May 2014. 
  15. ^ "Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic Bids". Adweek. Retrieved 29 May 2014. 
  16. ^ "Janice Min to Head Billboard, THR as Co-President of Entertainment Group for Guggenheim". Billboard. Retrieved 29 May 2014. 
  17. ^ "Adweek Parent Prometheus Buys Mediabistro Editorial Assets". Adweek. Retrieved 29 May 2014. 
  18. ^ "Prometheus Global Media to Acquire Mediabistro". FishbowlNY. Retrieved 29 May 2014. 

See also[edit]

External links[edit]