Prometheus Selling Actor Tool Back Stage

The Hollywood Reporters Parent Company Is Constantly On The Cost Cut: Prometheus Drawn Plug On Hollywood Creative Directory EXCLUSIVE: The Hollywood Reporter’s parent clients are unloading more assets to chop costs. Still, the purchase of Back Stage is really a surprise due to its and longtime positioning within the entertainment marketplace. My associates let me know that Prometheus Media Group ishanding overthe stars’tool to several traders with Prometheus joint owner Guggenheim Partnersputting up the majority of money to allow them to purchase it. “Guggenheim basically is financing purchasing Back Stage,” one source described in my experience.The state announcement should really seriously Tuesday. Back Stage is really a 50-year-oldresourcefor real-time theatre, TV andmovie casting and audition information and job entries and acting adviceand entertainment news for boththe East and West Shorelines.It's regularly read byperforming arts professionals including working and ambitious stars, performers, ballroom dancers, comics, models, and crew.Since December 2009, it's been possessed by Prometheus Global Media, the embattled parent company of game titles such as the Hollywood Reporter, Billboard, and Adweek(which by Aprilincludes Brandweek and Mediaweek too). Lately, Deadlinewrote the Hollywood Reporter was reducing and/or firing staff due to financial problems. Right after,inner sourcesrevealed to Deadlinethat the Hollywood Creative Directory employees, composed of their posting director of 17 years Valencia McKinley and her staff of three, were let go and informed the outlet have been offered. There’s no question that Prometheuskeeps searching to chop costs, particularly with The Hollywood Reporter hemorrhaging probably the most red-colored ink of its media qualities due to soaring overhead and flattened monthly subscriptions.Ad Week and Billboard are also in danger.Prometheus, initially titled e5 Global Media, bought Back Stage included in an 8-title acquisition in the Nielsen Company.Parents company was formedjointly by private equity finance partner Pluribus Capital Management co-founder Jimmy Finkelsteinand financial services firm Guggenheim Partners’ Todd Boehly who's controlling partner at work From The Boss. The happy couple are actually running Prometheus following the Boss they hired, Richard Beckman, was lately sidelined to occasions planning. Consequently, Finkelstein, who's chairman ofPrometheus,now runs daily management. Search for myupcoming broadened behind-the-moments biz report about Prometheus and also the Hollywood Reporter. [FULL DISCLOSURE: Deadline Hollywood's parent company PMC is suing The Hollywood Reporter's parent company Prometheus for copyright violation.]