PDN and Photo Expo Appear to Not Have Been Sold
You may remember that I wrote a post that Nielsen Media who publishes PDN was about to sell off Photo District News, Photo Expo and a variety of other brands. There was a rumor associated that Lachlan Murdoch plans would include seizing the print edition of PDN.
Just two hours ago, the release below went out. In other news Murdoch dropped out of the deal, read that part of the story here from the NY Post.
So what happened: A number of wealthy individuals who are media investors have formed a new company and acquired a number of business publications but it appears that PDN and Photo Plus Expo are NOT part of this deal. Originally Lachlan Murdoch was supposed to be part of this new investment company but he dropped out. While in transactional mode Nielsen decided to shed two brands that they are closing now. Layoff’s are a necessary part of these types of acquisitions and often companies take an event like this to clean house and let lot’s of people go. For some unknown reason to me they seem to think holidays are a great time to swing the axe. Probably because you are around family and friends and can start the year ‘fresh.’
As news of details become available I’ll share them with you.
Nielsen Business Media Update
Message from Greg Farrar
Today, we announced that Nielsen Business Media has reached an agreement with e5 Global Media Holdings, LLC, a new company formed jointly by Pluribus Capital Management and Guggenheim Partners, for the sale of eight brands in the Media and Entertainment Group, including Adweek, Brandweek, Mediaweek, The Clio Awards, Backstage, Billboard, Film Journal International and The Hollywood Reporter. e5 Global Media Holdings has also agreed to acquire our Film Expo business, which includes the ShoWest, ShowEast, Cinema Expo International and CineAsia trade shows.
In addition, we’ve made the decision to cease operations for Editor & Publisher and Kirkus Reviews.
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 including digital, print and events. Guggenheim Partners is a privately held, diversified financial services firm. Both Pluribus and Guggenheim have strong track records of successfully managing investments in a variety of companies.
I want to take this opportunity to offer heartfelt thanks to our colleagues who will be leaving the company for their dedication and commitment to Nielsen over the years. Please join me in wishing them well in their future endeavors.
Nielsen Business Media