After getting passed over for the top spot at Yahoo! Inc. (NASDAQ:YHOO), former executive, Ross Levinsohn, has landed on his feet as the CEO of Guggenheim Digital Media.
Formerly named Guggenheim Partners, the parent company of The Hollywood Reporter (THR), Guggenheim Digital Media, control numerous media trade titles such as Billboard, Adweek, as well as the sibling properties, Dick Clark Productions and American Media and Productions. Guggenheim Digital Media will run these with Levinsohn at the helm. He’ll return to his M&A roots, as he’ll be responsible for finding new media businesses opportunities for the company to either invest in or purchase.
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The company has said Levinsohn will be given “significant capital to acquire and invest in new media companies,” reported AllThingsD.
Todd Boehly, president of Guggenheim Partners, said via a statement, “Guggenheim Digital Media will play an integral role in developing our iconic portfolio of existing media and entertainment assets, as well as identifying new, ground-breaking investments and partnerships in the music, media, technology and digital entertainment spaces. Ross’s deep industry expertise and impressive track record of executing digital media strategies make him the ideal person to spearhead this new effort.”
For Levinsohn, he was last in the spotlight as Yahoo’s interim CEO. He went to Yahoo! Inc. (NASDAQ:YHOO) in 2010 and oversaw the media and advertising sales divisions as the Americas unit head. But by May 2012, he was the company’s interim CEO thanks to the fallout from CEO Scott Thompson’s resume snafu. Prior to Yahoo! Inc. (NASDAQ:YHOO), Levinsohn was News Corp.’s Fox Interactive Media head, which also included M&A activities. He also had stints at CBS Sportsline, the advertising firm Saatchi and Saatchi and the former Internet search engine, AltaVista.
Levinsohn said in a statement about his new role, “I am excited to be part of the dynamic Guggenheim family of companies. Guggenheim Digital Media has a powerful and competitive portfolio of iconic media assets today, and I look forward to identifying new opportunities for growth as the media and technology industry continues to rapidly evolve.”
In addition to announcing Levinsohn’s position on Tuesday, Guggenheim said that it has purchased the remaining shares in Prometheus, which included The Hollywood Reporter (THR) and other trades from Jimmy Finkelstein’s Pluribus Capital, reported AllThingsD. In 2009, the firm had been a partner with Guggenheim to buy THR and additional brands from Nielsen.
Finkelstein said of the sale, “We have enjoyed a successful and profitable investment with Prometheus, and Guggenheim Partners now has a dynamic runway for continued success, especially in light of their recent acquisitions in the media industry.”