Adweek Sold to Canadian Private Equity Firm
Beringer Capital acquires the weekly magazine and web verticals months after their spin-off from Prometheus Global Media.
Months after being spun off from Prometheus Global Media, Adweek has a new owner.
The advertising and media industry trade magazine has been acquired by Toronto-based private equity firm Beringer Capital, both parties announced today. Terms of the deal were not disclosed.
Beringer purchased Adweek, including the weekly print magazine and websites, from Mediabistro Holdings, the company born out of Guggenheim-backed Prometheus Global Media's 2014 acquisition of Mediabistro.com and the subsequent December, 2015 spin-off that saw ownership of Mediabistro and Adweek — as well as several other titles — transfer to Guggenheim president Todd Boehly. Mediabistro was not included in today's sale and will remain under Boehly's control along with Billboard and The Hollywood Reporter.
Adweek editorial director James Cooper will remain in his role, according to a press release. FishbowlNY, part of the Adweek Blog Network included in the deal, adds that "all the current Adweek leadership remains in place for the print publication."
Beringer Capital co-founder Brian F. Martin will take over as chairman of Adweek.
"Adweek's immense success and position as an industry leader is due to the magnificent work of its team," said Martin in a statement. "We are committed to providing Adweek with the support they need to exceed the expectations of our readers, clients and partners."
Founded in 2011, Beringer Capital specializes in acquiring compaines in the marketing and advertising industries with at least CAD1M ($770,000) in annual pre-tax profits, according to its website. Recent investments include Canadian marketing firms Quadrant and Magnet Engagement Group, both last year through subsidiary MatchMG.
"The digital landscape is ever-evolving, and it'll be exciting to work with a partner who shares our passion for the future of media," added Cooper in a statement.