Prometheus Global Media was a New York City-based B2B media company.
The company was formed in December 2009, when
Nielsen Company sold its
entertainment and media division to a private equity-backed group led
by Pluribus Capital Management and Guggenheim Partners. Guggenheim
acquired Pluribus's stake in the company in January 2013, giving it
full ownership under the division of Guggenheim Digital Media.
The company owned and operated a number of major entertainment
industry trade publications and their associated digital properties,
including Adweek, Backstage, Billboard, Film Journal International,
and The Hollywood Reporter.
On December 17, 2015, it was announced that Guggenheim would spin out
its media properties to a group led by former executive Todd Boehly,
known as Eldridge Industries.
1.2 Re-organization and acquisition
2 See also
4 External links
On December 10, 2009, the
Nielsen Company announced that it would sell
its Business Media division, which included brands such as Adweek,
Billboard, and The Hollywood Reporter, to a new company known as e5
Global Media; a joint venture between
Guggenheim Partners and Pluribus
Capital Management—a company led by James Finkelstein, Matthew
Doull, and George Green. Two Nielsen properties, Editor &
Publisher, and Kirkus Reviews, were not included in the sale, and were
to be shut down. Editor & Publisher would instead be sold to
the Duncan McIntosh Company, and
Kirkus Reviews would be sold to
Herbert Simon. The company's first CEO was Richard Beckman,
previously an executive and publisher at Condé Nast and Fairchild
Publications, and former publisher of magazines GQ and Vogue.
Beckman's career suffered a setback in 1999 following "some
inappropriate behavior" resulting in injuries to Vogue's West Coast
advertising director Carol Matthews, while Beckman was Matthews'
publisher at Condé Nast.
Beckman's first major move was a re-launch of The Hollywood Reporter;
with the hiring of Janice Min, formerly of Us Weekly, as editorial
director, THR replaced its daily print publication with a weekly
magazine, and performed a significant redesign to its website with an
increased focus on breaking scoops. The new format was meant to
compete against up-and-coming blogs focusing on industry news, such as
Deadline.com and TheWrap, along with its then-struggling rival
Variety. The changes had a significant impact on the publication's
performance: by 2013, ad sales were up more than 50%, while traffic to
the magazine's website had grown by 800%. In October 2010, the
company was renamed
Prometheus Global Media; named after the Greek
mythological figure, Beckman stated in an internal memo that the new
name would "[carry] more weight and gravitas in the marketplace."
Re-organization and acquisition
In late 2011,
Prometheus went through a number of cost-cutting
measures. In August 2011, Backstage was sold to a group of investors
led by John Amato in a transaction funded by Guggenheim, and the
Prometheus laid off the staff responsible for the
Hollywood Creative Directory and announced it had sold the
In January 2013,
Guggenheim Partners acquired the stake in Prometheus
owned by Pluribus Capital, giving it full ownership; following the
Ross Levinsohn was named as CEO
of the new Guggenheim Digital Media division, which would oversee
Prometheus and other digital assets for Guggenheim companies (such as
Dick Clark Productions). In April 2013, Guggenheim re-acquired
Backstage (which had also acquired Sonicbids, a platform for allowing
musicians to book gigs online) and made its CEO John Amato president
of the Billboard Group—a new group consisting of Billboard,
Backstage, and Sonicbids.
In a January 2014 restructuring, Levinsohn was shifted to a business
development role and no longer directly manages the Prometheus
properties. Additionally, the company was split into two operating
groups; an Entertainment Group was formed by merging The Hollywood
Reporter into the Billboard Group, with
Janice Min becoming
co-president and chief creative officer of the group alongside Amato.
The remaining properties, consisting of
Adweek and Film Expo Group,
are led by Jeff Wilbur.
On May 29, 2014,
Prometheus announced it would acquire the publishing
assets of Mediabistro—a network of websites focusing on various
aspects of the mass media industry—which includes the media job
listing site Mediabistro and its network of blogs such as AgencySpy,
FishbowlNY, Lost Remote and TVNewser—for $8 million. The acquisition
did not include Mediabistro's expo business, which were retained under
the name Mecklermedia. On January 13, 2015,
Adweek and Film
Expo Group were merged into Mediabistro to form a new Prometheus
subsidiary, Mediabistro Holdings. At the same time, its blogs were
re-launched under the new "
Blog Network" banner, and all of
Mediabistro's social media-oriented blogs were merged into
In March 2015,
Guggenheim Partners reported that its president Todd
Boehly was exploring the possibility of forming his own company. A
representative stated that such a company would "likely be harmonious
with Guggenheim, especially since Todd's role for some time has been
strategic and transaction-oriented, rather than working in or managing
any of our day-to-day businesses." On December 17, 2015, in
response to losses across Guggenheim Partners, the company announced
that it would spin out its media properties to a group led by Boehly,
including the Hollywood Reporter-Billboard Media Group, Mediabistro,
and Dick Clark Productions, all under their existing
leadership. The resultant company is known as Eldridge
Penske Media Corporation
Adweek Group Among Titles Sold to e5 Global Media Holdings". Ad
Age. Retrieved 18 June 2014.
^ Milbourn, Mary Ann (2010-01-14). "OC boating publisher buys 'Bible'
of newspaper industry". OC Register. Retrieved 2010-10-08.
^ Rich, Motoko (February 10, 2010). "Kirkus Gets a New Owner – From
the N.B.A." The New York Times. Retrieved March 22, 2012.
^ "Richard Beckman's 'Big Bang' At E5 Global Media Should Be Known By
July. - min Online". min Online. 2010-05-03. Retrieved
Richard Beckman Leaves Condé Nast to Head e5 Global Media".
January 12, 2010. Media Decoder. New York Times.
^ "Ex Men’s Vogue Publisher Finds A New Home At Conde Nast". Amanda
Ernst. June 18, 2009. Adweek.com.
^ Kuczynski, Alex (September 22, 1999). "Conde Nast Pays Woman Injured
by Executive". The New York Times.
^ Barnes, Brooks. "From Has-Been to Life of the Party". New York
Times. Retrieved 11 October 2013.
^ Barnes, Brooks. "Hollywood Reporter to Become a Weekly Magazine".
New York Times. Retrieved 11 October 2013.
^ "What's in a Name?". Folio. Retrieved 18 June 2014.
Prometheus Selling 'Back Stage'; The Hollywood Reporter's
Parent Company "Dropping Assets Like Flies Now"". Deadline. Retrieved
30 May 2014.
Prometheus Global Media, Investor Group Strike Alliance for Back
Stage". The Hollywood Reporter. Retrieved 30 May 2014.
^ "The Hollywood Reporter's Parent Company Continues To Cost Cut:
Prometheus Pulled Plug On Hollywood Creative Directory;
Adweek Also In
Trouble And In Turmoil". Deadline. Retrieved 30 May 2014.
^ "Guggenheim Digital Media Announces Formation of Billboard Group".
Billboard.biz. Retrieved 29 May 2014.
^ a b "In Guggenheim Shakeup,
Ross Levinsohn No Longer Overseeing THR
or Billboard". Variety. Retrieved 29 May 2014.
Prometheus bound". New York Post. Retrieved 29 May 2014.
^ "Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic
Bids". Adweek. Retrieved 29 May 2014.
Janice Min to Head Billboard, THR as Co-President of Entertainment
Group for Guggenheim". Billboard. Retrieved 29 May 2014.
Prometheus Buys Mediabistro Editorial Assets".
Adweek. Retrieved 29 May 2014.
Prometheus Global Media to Acquire Mediabistro". FishbowlNY.
Retrieved 29 May 2014.
^ "9 Popular Sites Become Core of New
Blog Network". Adweek.
Retrieved 16 January 2015.
Guggenheim Partners Says President Todd Boehly Is Exploring Forming
His Own Company". Variety. Retrieved 4 January 2016.
^ "Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark
Productions To Exec". Deadline.com. Retrieved 18 December 2015.
^ "Guggenheim Media Spins Off Money-Losing Hollywood Reporter,
Billboard to Company President Todd Boehly (Exclusive)". The Wrap.
Retrieved 18 December 2015.
^ "Hollywood Reporter Parent Company Spins Off Media Assets to
Executive". The Hollywood Reporter. Retrieved 3 January 2016.
^ "Dodgers' Boehly Leads $100 Million DraftKings Investment".
Bloomberg. Retrieved 10 March 2017.