Billboard Parent Company Spins Off Media Assets to Executive
"My goal is to invest and build something even more special than what we have now," says exec Todd Boehly.
Ownership of Billboard and The Hollywood Reporter is shifting from a division of financial services firm Guggenheim Partners to the executive who has led the company’s media investments for the past five years.
Todd Boehly, president of THR parent Guggenheim Digital Media, has taken ownership of the entertainment industry’s flagship media brand and several other assets. In a spinoff of its media investments, Guggenheim has sold to Boehly The Hollywood Reporter, Billboard and Golden Globes producer Dick Clark Productions, as well as the media brands Adweek, Mediabistro and the Clio Awards.
In the process, Boehly no longer is an executive of Guggenheim Partners but will remain a major shareholder and a member of the firm’s executive committee. He also retains his minority stake in House of Cards producer Media Rights Capital and is a co-owner of film distribution company A24 (Room, Ex Machina).
In an interview, New York-based Boehly said his purchase of the assets — a deal that was largely negotiated three months ago and included other unspecified investors — reflects his commitment to growing a top-notch, Los Angeles-based media company.
“I’m very excited about this,” said Boehly. “These are tremendous brands with huge growth potential, especially as they expand into video. My goal is to invest and build something even more special than what we have now.”
Boehly, who also is a co-owner of the Los Angeles Dodgers, said the media properties will be split into four distinct companies. THR and Billboard will be housed in an entity called The Hollywood Reporter-Billboard Media Group; Adweek, Mediabistro and the Clios will make up a separate company; and Dick Clark will operate independently, as will A24.
Leadership at all the companies will remain the same.