The shocking news this week in the writing and book worlds is that Kirkus Reviews and Editor and Publisher are both being shuttered
by Nielsen Co. The company is also selling eight other publications to e5 Global Media LLC, a newly formed company. The publications being sold include The Hollywood Reporter and Billboard.
The newly formed company, e5 Global Media LLC, announced earlier today it has agreed to purchase eight brands belonging to Nielsen Business Media. Pluribus Capital Management and Guggenheim Partners formed e5 jointly.
The brands being acquired are AdweekMedia (which includes Adweek, Mediaweek and Brandweek), The Hollywood Reporter, Billboard, Backstage, The Clio Awards and Film Journal International. E5 Global Media will also acquire the Film Expo business, which includes ShoWest, ShowEast, Cinema Expo International and CineAsia trade shows. The parties declined to identify a purchase price, which other media reports have put at $70 million.
"We decided this was a great time to buy media assets," said Jimmy Finkelstein, chairman e5 Global Media. "We're going to create great businesses in print, online, on mobile, [and] in events, and we think it's the right time to do it."
Pluribus Capital Management is led by Finkelstein, ex-Hearst International president and CEO George Green and Matthew Doull, who will all be putting their own money into the company. The deal is expected to close Dec. 31, 2009. The new company expects to name a new CEO by February.
Romanesko has the memo in which Nielson announced the sale and the closings.
