Financial terms of the deal were not disclosed. RBI's parent company, Reed Elsevier, is selling off most of its trade publishing assets.
PWxyz is a new company formed by George W. Slowik Jr., who ran Publishers Weekly in the late 1980s and early 1990s. Slowik, who will hold the title of president, plans to retain all the brand's editorial, art and advertising employees.
“I am very excited to be back at Publishers Weekly as e-books hit their tipping point, workable translations become automated and the Google book settlement is completed,” Slowik said in a statement. “Publishers Weekly will benefit from a lithe operation that can properly report on and interpret the implications of this incredible evolution of the book business.”
Media investment bank Jordan, Edmiston Group handled the deal for RBI-US.