ZelnickMedia Corp.'s Investment not Disclosed

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NEW YORK ( -- Vanguarde Media will announce ZelnickMedia Corp. is investing in the company, and that ZelnickMedia founder Strauss Zelnick, ex-CEO of BMG Entertainment, will serve on its board.

Vanguarde, which publishes Savoy, Heart & Soul and Honey, last year took in slightly less than $25 million in revenue and recorded a loss of between $3 million and $6 million, said people familiar with the company.

The amount of ZelnickMedia's investment was not disclosed, but one media executive who had previously been approached by Keith Clinkscales, Vanguarde's chairman-CEO, said the company had sought an eight-figure investment.

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