Nielson Folds Editor & Publisher; Photo District News Not Sold
NEW YORK, NY (December 10, 2009) – Nielsen Business Media announced today that they've reached an agreement with e5 Global Media Holdings for the sale of eight brands from their Media Entertainment Group, and at the same time they have decided to shut down Editor & Publisher and Kirkus Reviews magazines.
Photo District News, also owned by Nielsen, is not part of the sale and will continue as is, PDN editor Holly Stuart Hughes told News Photographer magazine this morning.
Sold to e5 Global Media Holdings today were the titles Adweek, Brandweek, Mediaweek, The Clio Awards, Backstage, Billboard, Film Journal International, and The Hollywood Reporter.
Part of the deal included Nielsen's Film Expo business, which includes ShoWest, ShowEast, Cinema Expo International and CineAsia trade shows.
Hughes said PDN will retain its PhotoPlus Expo trade show, that their trade shows were not part of the sale.
"As a result of these decisions, many of our friends and colleagues within these businesses will be leaving the company or will begin to transition to the new ownership immediately," Nielsen Business Media president Greg Farrar wrote in a memo announcing the sale. "These venerable brands have long been an important part of our Business Media family, and we are pleased that e5 will continue to capitalize on the brands' potential. The transition is expected to be complete by the end of the year.'
The buyer, e5 Global Media, is a new company formed jointly by Pluribus Capital Management and Guggenheim Partners.
For several decades, Editor & Publisher magazine was the mainstay industry magazine for workers in the newspaper and publishing industry. Before the Internet, many if not all of a generation of newspaper journalists relied on E&P's popular list of job openings to find their next opportunity in journalism. Editor & Publisher was a 109-year-old title, and Kirkus Reviews published book reviews.
Editor & Publisher reported hours after the announcement that the editorial staff will stay on until the end of the year, and then both print and Web publishing will cease.
In other publishing news today, American Journalism Review will begin quarterly publication in 2010. This year it had been publishing bimonthly. AJR is published by the University of Maryland Foundation at the Philip Merrill College of Journalism.
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