This comes hot off the wire – The Nielsen Company, famous for its ratings system and other marketing research enterprises, has begun jettisoning its Nielsen Business Media publishing arm with a deal closed just last night.
Eight publications owned by the marketing giant, along with its Film Expo business, will change hands to the consortium e5 Global Media LLC, a joint venture between Pluribus Capital Management and Guggenheim Partners. The titles include Billboard, AdWeek and The Hollywood Reporter, in addition to Nielsen’s Clio Awards event and the trade show properties ShoWest, ShowEast, Cinema Expo and CineAsia. Along with the sale of these properties, Nielsen also announced it will shut down its literary journal Kirkus Reviews and the Editor & Publisher periodical—possibly an indicator of where the company feels the industry is headed.
As with any buyout, especially in the volatile publishing industry, layoffs can and should be expected, even for those not tied with Kirkus and E&P. In an article over at The Business Insider, an internal memo from Nielsen Business Media has leaked with details of what’s to come:
”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. 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.”
No word yet on what will become of Progressive Grocer.
--Alex Tuttle, Vault Web Content Intern
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