Former Yahoo and News Corp. exec Ross Levinsohn has been named CEO of Guggenheim Digital Media, parent company of Adweek, Billboard and The Hollywood Reporter.
Investment firm Guggenheim Partners, which owns the magazines, also formed a new business unit called Guggenheim Digital Media to operate the titles and received "significant capital to acquire and invest in new media companies and properties that will meaningfully expand its current portfolio," according to a statement.
Mr. Levinsohn spent several months as interim CEO of Yahoo last year after Scott Thompson resigned in a resume scandal, but was ultimately passed over for former Google exec Marissa Mayer, who was named CEO in July 2012. Mr. Levinsohn had previously headed Yahoo's global media business.
Guggenheim Partners said the new entity run by Mr. Levinsohn will also invest in the print versions of those magazines as well as their portfolios of events. "Ross's deep industry expertise and impressive track record of executing digital-media strategies make him the ideal person to spearhead this new effort," said Todd Boehly, president of Guggenheim Partners, in the statement.
Guggenheim Partners is the entity that now controls Prometheus Global Media, which acquired the titles from Nielsen in 2009. In recent years, Prometheus shut down Mediaweek and Brandweek as independent publications and folded them into Adweek, although a report in the New York Times said Brandweek is now coming back in the form of a recurring section as Adweek refocuses on agency and brand coverage.
Prometheus has been run by Dottie Mattison, a senior managing director at Guggenheim Partners, since the departure last summer of the first Prometheus CEO, former Conde Nast executive Richard Beckman. Ms. Mattison will turn her attention to other media assets at Guggenheim Partners, a spokeswoman said today.
Mr. Levinsohn joined Yahoo in 2010 as an exec VP overseeing its Americas business. Prior to Yahoo, Mr. Levinsohn was a co-founder with Jonathan Miller of investment firm Fuse Capital, and spent more than six years at News Corp., serving as president of Fox Interactive Media. He has also held executive positions at CBS, HBO and AltaVista.