Transaction to close by Aug. 1.
Billboard's parent company, VNU, has reached an agreement to acquire Radio & Records (R&R), one of the leading news and information companies serving the radio and record industries.
R&R, with headquarters in Los Angeles, offers a broad line of print, Internet and digital services, research, and convention and seminar products providing radio and record industry executives with access to information, news, analysis and integrated marketing programs. Since its inception in 1973, R&R has helped solidify the relationship between record companies and radio.
"This acquisition is in line with VNU's strategy to further strengthen its services to the radio and record industries," said Michael Marchesano, president and CEO of VNU Business Media and Nielsen Entertainment. "With the added resources of VNU, especially our music services, including the Billboard Information Group, Nielsen BDS, and Nielsen SoundScan, R&R will continue to grow as a vibrant brand."
VNU said it expects the transaction to close by August 1, 2006.
"I am especially delighted that Erica Farber, R&R's publisher, will continue her leadership role with R&R and continue to focus on growing the business," added Marchesano. "Her long-term affiliation with the brand will help R&R continue to deepen its pivotal role in the industry."
Financial terms of the acquisition were not disclosed.
VNU is active in more than 100 countries, with headquarters in Haarlem, the Netherlands and New York, USA. The company employs nearly 41,000 people.