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Ex-Bear Stearns Chief Joins Trade Magazines’ Purchase (Update2) Share Business ExchangeTwitterFacebook| Email | Print | A A A


By Greg Bensinger


Dec. 10 (Bloomberg) -- Investors including former Bear Stearns Cos. Chief Executive Officer Alan Schwartz agreed to buy the Hollywood Reporter, Billboard and six other publications from Nielsen Co. after Lachlan Murdoch reportedly dropped out.
The sale to Pluribus Capital Management LLC and Guggenheim Partners LLC includes Adweek, Brandweek and Mediaweek, New York- based Nielsen said today in statement. Terms weren’t disclosed. Editor & Publisher and Kirkus Reviews will close, Nielsen said.
Murdoch’s company, Illyria Pty Ltd. dropped out at the last minute, the Financial Times said on its Web site. Schwartz, 59, is executive chairman of Guggenheim, which is based in New York and Chicago and has $100 billion of assets under management. He was named CEO of Bear Stearns in January 2008, two months before its emergency sale to JPMorgan Chase & Co.
Nielsen was seeking $70 million for the titles, Advertising Age reported last month. The closely held company also provides market research including the weekly audience ratings used to set advertising rates. Jeffrey Kelley, a spokesman for Guggenheim, didn’t return a phone call seeking comment.
James Finkelstein, a principal at Pluribus, will become chairman of e5 Global Media, the company formed to undertake the purchase, according to the statement. The other assets involved are The Clio Awards, Back Stage and Film Journal International, Nielsen said.
The closing of Editor & Publisher and Kirkus Reviews at year end will affect fewer than 20 people, Gary Holmes, a Nielsen spokesman, said today in an e-mailed message.
“We are going to focus on our core business and those parts of our portfolio that have the greatest potential for growth,” Holmes said.
Industry Loss
Editor & Publisher, a newspaper industry trade publication, was founded in 1901, according to its Web site. Kirkus Reviews, a journal of book reviews, started in 1933.
“Losing ‘Editor & Publisher’ is going to leave a pretty big hole,” said Ken Doctor, an analyst with Outsell Inc., a research and advisory company in Burlingame, California. “It’s been the place for industry announcements and the day-to-day news of the publishing business for as long as anyone can remember.”
To contact the reporters on this story: Greg Bensinger in New York at [email protected]
Last Updated: December 10, 2009 14:09 EST