Billboard, the celestial keeper of the charts, has been sold, along with other publications the Hollywood Reporter, Adweek, Brandweek, Mediaweek, and Backstage. The six magazines reportedly were purchased by a group led by James Finkelstein (yes, his real last name) and Pluribus Capital Management for at least $70 million.
Nielsen Management, the company who previously owned the group, will be shuttering their publications Editor & Publisher and Kirkus Reviews as part of the deal. Layoffs for the companies were implied in a letter to the various staff from Nielsen’s Greg Farrar.
Paid Content reports that former Bear Stearns head Alan Schwartz was also involved in the purchase. Jim Cramer will probably be telling people to buy, buy, buy stock in Billboard on the next episode of Mad Money. [Hypebot]