New York—Herb Simon, owner of the NBA's Indiana Pacers, announced Wednesday that he has acquired Kirkus Reviews from Nielsen Co.
Nielsen Business Media, a unit of Nielsen Co., had previously announced plans to close the iconic biweekly trade magazine, which publishes reviews of soon-to-be-released books.
Financial terms of the deal were not disclosed.
A new company, Kirkus Media, will operate Kirkus Reviews and its associated businesses. Marc Winkelman, CEO of Calendar Holdings, a specialty retailer owned in part by Simon, will head the new company.
The sale continues a trend of smaller companies acquiring the trade publications of larger companies, some of which are exiting trade publishing.
“I love books and have long subscribed to Kirkus,” Simon said in a statement. “With the growth of e-books and e-reading devices, no one can really see the future of publishing. But turmoil like this creates opportunities. At a time when even the definition of a book is changing, my love of books makes me want to be part of the solution for the book publishing industry.”
Kirkus Reviews was founded in 1933.