e5 Global Media LLC, a new company formed jointly by private equity partner Pluribus Capital Management and financial services firm Guggenheim Partners, is acquiring Back Stage, The Hollywood Reporter, Billboard and five of its sister publications from The Nielsen Company.
Management of the acquired brands and their staff members will begin to transition immediately. The acquisition, which is subject to normal terms and conditions, is scheduled to close by Dec. 31.
In addition to Back Stage, the other brands included in the sale by Nielsen Business Media are: The Hollywood Reporter, Billboard, Adweek, Brandweek, Mediaweek, The Clio Awards, and Film Journal. e5 Global Media will also acquire the Film Expo business, which includes the ShoWest, ShowEast, Cinema Expo International and CineAsia trade shows.
Pluribus Capital was founded in 2009 by James Finkelstein, George Green and Matthew Doull to focus on acquiring and managing industry leading media properties with high growth potential, particularly those with strong brand recognition across multiple platforms. Guggenheim Partners has more than $100 billion in assets under supervision.
Jimmy Finkelstein of Pluribus Capital, who will become chairman of e5 Global Media, and Todd Boehly, managing partner in the Office of the CEO at Guggenheim Partners, said in a statement: "We are all excited to acquire such a premier collection of media properties. These are unique brands that are already leaders in their respective fields and, with the additional financial and strategic resources that we will provide, they will be positioned to add enhanced content across their print, online and new media channels and to continue to deliver value to their subscribers and advertisers. We look forward to working with the talented editors, journalists, and employees to further build on and expand these strong platforms while supporting their continued success."
Nielsen said it remains committed to its leading trade show group and affiliated brands. It will continue to assess the strategic fit of other publications.
"Nielsen is committed to managing its portfolio of businesses in a way that maximizes their long-term value," said Greg Farrar, President of Nielsen Business Media. "Divesting these titles allows Nielsen to focus its investment on its core businesses and those parts of our portfolio that have the greatest potential for growth, including our leading trade show group."
No financial details were made available related to the acquisition.
At the conclusion of the transaction, the group's U.S.-based publications will continue to be located in their current locations at 770 Broadway in New York and at 5055 Wilshire Blvd in Los Angeles.
In addition, Nielsen has decided to cease operations for two other titles in the NBM group, Editor & Publisher and Kirkus Reviews.
– Nielsen Business Media