Billboard magazine, one of the major sources for music news, has been acquired by an investment banker from Guggenheim Partners. The Historic US music magazine was purchased by Todd Boehly, who also obtained a much more hefty portfolio of which includes The Hollywood Reporter (THR).
Billboard was last purchased by Guggenheim back in 2009, along with THR and AdWeek for an estimated $70m. Boehly has just purchased both for an undisclosed amount from the investment powerhouse of which he previously was an executive.
Boehly remains close in connections to these titles, as the previous leader of Guggenheim’s media investments, and is already planning reorganization. Part of the reorganization plan is to combine the two companies under one title: “The Hollywood Reporter-Billboard Media Group”. Boehly is also hoping to recoup the apparent $25 million in losses per year.
Billboard was founded in 1894 and began carrying its world-famous music charts in the 1930s, following the invention of the jukebox. Unfortunately, the massively successful Billboard and THR have both laid off 10 staff this year, but Boehly sees great hope within the companies.
About Todd Boehly:
As a result of the acquisition, Boehly is no longer an executive at Guggenheim Partners, but will remain a major shareholder and a member of the firm’s executive committee. Boehly is a former Credit Suisse First Boston banker, and also owns The Los Angeles Dodgers.
About Guggenheim Partners:
The previous owners of Billboard also have a massive suite of investments. “With more than $240 billion in assets, Guggenheim Partners has a track record of delivering innovative investment and advisory solutions”.
We can’t wait to see what will come of this acquisition, and will keep you posted as the project develops. For now, check out the analysis on MBW.