Nielsen Sells Hollywood Reporter And Billboard!
Nielsen has reached an agreement with the newly formed e5 Global Media Holdings to sell eight of its Business Media brands, which include Hollywood Reporter, Billboard, Adweek, Brandweek, Mediaweek and Backstage magazines.
Wowsa!
The terms of the deal, which will be completed by the end of 2009, have not been released, but it's rumored to be in the range of $70 million to $75 million.
Nielsen’s Film Expo business, including ShoWest, ShowEast, Cinema Expo International and CineAsia trade shows, have also been acquired by e5.
The announcement also spurred closure of several magazines not included in the deal, such as Editor & Publisher and Kirkus Reviews.
Nielsen Business Media president Greg Farrar states:
“This move will allow us to strengthen investment in our core businesses – those parts of our portfolio that have the greatest potential for growth – and ensure our long-term success. We remain committed to building our trade show group and affiliated brands.
"These assets continue to be a key part of The Nielsen Company's overall portfolio and we strongly believe they are positioned to grow as the economy recovers. In addition, we'll continue to assess the strategic fit of our remaining portfolio of publications.”
Tell that to your future unemployed!
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Kirkus was long overdue, but Editor and Publisher was a good publication. Sorry to see them close. Print is going down everywhere.