Ex-Yahoo chief jumps to print
The investors who own The Hollywood Reporter , AdWeek and Billboard have hired ex-Yahoo Chief Executive Ross Levinsohn to oversee the trade titles as head of the newly formed Guggenheim Digital Media. He is the third CEO for the magazines, which are part of Prometheus Global Media. The New York-based media company was formed in December 2009 when Guggenheim Partners and Pluribus Capital acquired the titles from Nielsen and hired former Conde Nast executive Richard Beckman to run them. Mr. Beckman was forced out last June and replaced by Guggenheim Senior Managing Director Dottie Mattison. According to online industry journal The Wrap, The Hollywood Reporter was expected to lose $6 million in 2012. A Guggenheim spokeswoman declined to comment. Guggenheim Partners, which announced Mr. Levinsohn's appointment on Tuesday, will be going it alone from now on. The financial services giant has acquired Pluribus' remaining stake in Prometheus from its founder, media veteran Jimmy Finkelstein, who had been chairman of Prometheus. The company also owns the Clio Awards and Dick Clark Productions. Mr. Levinsohn, who brings considerable digital expertise to the new enterprise, also has experience running companies with high turnover. The head of global media at Yahoo, he was named interim CEO last May—becoming the troubled tech giant's sixth CEO in five years. He was replaced by Google's Marissa Mayer in July. Guggenheim Partners said it would continue to spend significant sums to acquire and invest in new media companies. Guggenheim Digital Media "will play an integral role in developing our iconic portfolio of existing media and entertainment assets, as well as identifying new, groundbreaking investments and partnerships in the music, media, technology, and digital entertainment spaces," Todd Boehly, president of Guggenheim Partners, said in a statement. "Ross's deep industry expertise and impressive track record of executing digital media strategies make him the ideal person to spearhead this new effort."
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