Billboard's parent company has a new leader: Former Yahoo and Fox Interactive Media executive Ross Levinsohn
In his role as CEO of Guggenheim Partners' newly-renamed Guggenheim Digital Media, Levinsohn will oversee Billboard, The Hollywood Reporter, Adweek, The Film Expo Group and the CLIO Awards. Levinsohn, no stranger to the art of the Hollywood deal, also will look to boost Guggenheim sister properties like Dick Clark Productions. He'll be tasked with identifying new media businesses in which the global financial services company can invest - or acquire.
"Guggenheim Digital Media will play an integral role in developing our iconic portfolio of existing media and entertainment assets, as well as identifying new, ground-breaking 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 makes him the ideal person to spearhead this new effort."
Levinsohn, who started at Yahoo in 2010, took over as the company's interim CEO in May 2012, after CEO Scott Thompson stepped down on the heels of a resume scandal. Levinsohn had been in charge of media and advertising sales divisions as the head of the Americas unit. His highest-profile job before Yahoo was as head of News Corp.'s Fox Interactive Media. Levinsohn's resume also includes stints at CBS Sportsline, advertising firm Saatchi and Saatchi and Internet search engine AltaVista.
"I am excited to be part of the dynamic Guggenheim family of companies," Levinsohn said in a statement. "Guggenheim Digital Media has a powerful and competitive portfolio of iconic media assets today, and I look forward to identifying new opportunities for growth as the media and technology industry continues to rapidly evolve."
In an email to employees, Boehly said the company would continue to invest in its print products and live events.
In addition to changing its media company's name from Prometheus Global Media, Guggenheim said it has acquired the remaining stake in Prometheus from Pluribus Capital, the investment firm founded by Jimmy Finkelstein that partnered with Guggenheim to purchase THR and other brands from Nielsen in 2009. "We have enjoyed a successful and profitable investment with Prometheus and Guggenheim Partners now has a dynamic runway for continued success, especially in light of their recent acquisitions in the media industry," Finklestein, who was chairman of Prometheus, said in a statement.
During the partnership between Guggenheim and Pluribus, The Hollywood Reporter was relaunched as a weekly magazine with an expanded website. Both reinventions have proven successful, with THR's print magazine winning rave reviews and its website far outpacing rivals in monthly unique visitors, according to ComScore.
In the statement, Boehly touted "the partnership between Guggenheim and Pluribus," and said "we credit Jimmy for his leadership and wish him the best of luck in his future ventures."
Levinsohn will be based in Los Angeles.