UPDATE: Prometheus Selling Back Stage The Hollywood Reporters Parent Company Losing Assets Like Flies Now

The Hollywood Reporters Parent Company Is Constantly Cost Cut: Prometheus Attracted Plug On Hollywood Creative Directory UPDATE: Prometheus Global Media is becoming verifying a few things i reported last evening it’s unloading another showbiz resource.Instead of calling vid purchase, it’s calling vid financial “alliance” witha quantity of traders introduced by John Amato who had been formerly leader from the New you are able to city taxi advertising company referred to as Show Media.Amato now becomes Boss of Back Stage.When Prometheus couldn’t sell the media outlet outright,Prometheus joint owner Guggenheim Partners setup nearly all money for your investor group to buy it.”They will probably position it not just a purchase, but just like a proper partnership. But this is not true: Guggenheim does debt financing and holding a moved minority interest, but this new group is supposing control (including control of board),” among my affiliates notifies me. Though no financial particulars were introduced, affiliates tell methe investorgroup is establishing $5 million and Guggenheim is financing $10M to $15M more. “Again, they're trying to pretend it’s not just a buy for PR reasons, in almost every other company it may be regarded as as just like a purchase,” the foundation mentioned. Referred to another insider, “They’re losing assets like flies now.” EXCLUSIVE SUNDAY 11 PM: The Hollywood Reporter’s parent customers are unloading more assets to reduce costs. Still, purchasing Back Stage can be a surprise because of its and longtime positioning inside the entertainment marketplace. My affiliates tell me that Prometheus Media Group ishanding overthe stars’tool to many traders with Prometheus joint owner Guggenheim Partnersputting up nearly all money to enable them to purchase it. “Guggenheim essentially is financing buying Back Stage,” one source referred to in my opinion.The condition announcement should certainly seriously Tuesday. Back Stage can be a 50-year-oldresourcefor real-time theatre, TV andmovie casting and audition information and job records and acting adviceand entertainment news for boththe East and West Shores.It's regularly read byperforming arts professionals including working and ambitious stars, entertainers, ballroom ballroom dancers, comics, models, and crew.Since December 2009, it has been possessed by Prometheus Global Media, the embattled parent company of game game titles like the Hollywood Reporter, Billboard, and Adweek(which by Aprilincludes Brandweek and Mediaweek too). Recently, Deadlinewrote the Hollywood Reporter was reducing and/or firing staff because of financial problems. Immediately after,internal sourcesrevealed to Deadlinethat the Hollywood Creative Directory employees, made up of their posting director of 17 years Valencia McKinley and her staff of three, were release and informed the opening happen to be offered. There’s no question that Prometheuskeeps searching to reduce costs, particularly using the Hollywood Reporter hemorrhaging most likely probably the most red-colored-colored ink of their media characteristics because of soaring overhead and flattened monthly monthly subscriptions.Ad Week and Billboard will also be at risk.Prometheus, initially entitled e5 Global Media, bought Back Stage incorporated within an 8-title acquisition within the Nielsen Company.Parents company was formedjointly by private equity finance finance partner Pluribus Capital Management co-founder Jimmy Finkelsteinand financial services firm Guggenheim Partners’ Todd Boehly who's controlling partner at the office In The Boss. The pair are really running Prometheus following a Boss they hired, Richard Beckman, was recently sidelined to occasions planning. Consequently, Finkelstein, who's chairman ofPrometheus,now runs daily management. Look for myupcoming extended behind-the-moments biz report about Prometheus as well as the Hollywood Reporter. [FULL DISCLOSURE: Deadline Hollywood's parent company PMC is suing The Hollywood Reporter's parent company Prometheus for copyright breach.]