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BtoB

Beckman denies Prometheus Global Media is for sale

Published on .

New York—Prometheus Global Media, owner of The Hollywood Reporter, moved quickly to dispute a story in Friday's New York Post that reported the company was for sale. Prometheus Global Media is owned by private equity funds Guggenheim Partners and Pluribus Capital Management. In a memo published in THR, Prometheus CEO Richard Beckman called the newspaper's story “inaccurate allegations.” He continued: “Contrary to the article, I can reassure you that my partners at Guggenheim and Pluribus and I are committed to making Prometheus Global Media into a world-class media company. In fact, both Guggenheim and our chairman, Jimmy Finkelstein of Pluribus, went on the record and stated that we are not for sale.”

Beckman said THR has seen its ad revenue increase 52% from November 2010 through this February compared with the same year-earlier period. He also said Billboard's ad revenue increased 48% in 2010 compared with the previous year.

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