Guggenheim Partners and Jimmy Finkelstein’s Pluribus Capital Management want to sell the company that publishes The Hollywood Reporter, Billboard, Adweek, Brandweek, Mediaweek and BackStage, reports our good friend Claire Atkinson at The New York Post.
According to the article, "The move comes just 15 months after the two investor groups plunked down a reported $70 million for the company, Prometheus Global Media."
The story says a Guggenheim Partners spokesman denied the report, noting, "The Hollywood Reporter is not for sale. We consider the newspaper to be a prized media asset, and we’re looking at ways to build the company and its franchise." And Finkelstein himself told the Post that the publications in question were not for sale.
Despite that denial, Atkinson writes, "Nonetheless, sources tell The Post the partners are asking for as much as a 50 percent premium on their original investment."
The article continues with a souce saying that Finkelstein and Guggenheim Partners "Overpaid. Their [Guggenheim’s] earnings have been weak and their only way out is to merge into something bigger. It’s difficult to grow into the valuation. It’s about two years too early to be asking for a 50 percent premium."
Separately, it’s been reported that Adweek, Mediaweek and Brandweek will be combined into just one publicationi next month, under the Adweek name.