Adweek, one of the brands being sold off, reports that Nielsen has reached an agreement with the new media company to sell off the Hollywood Reporter, Billboard, Backstage, Mediaweek, Brandweek, The Clio Awards and Film Journal International. The financial terms of the deal have yet to be disclosed, but The Wrap speculates the acquisition price to be between $70 and $75 million.
In a memo to staff members, Nielsen Business Media president Greg Farrar said the decision was strategic in nature. "This move will allow us to strengthen investment in our core businesses -- those parts of our portfolio that have the greatest potential for growth -- and ensure our long-term success."
Also of note is that E5 Global Media will also acquire the Film Expo business. Meanwhile, Nielsen also plans to cease publication of Editor & Publisher -- which has been in circulation for 125 years -- and Kirkus Reviews.