Adweek sold to private equity firm Beringer Capital
AdWeek has been bought by, Beringer Capital, after owner MediaBistro Holdings agreed terms with the private equity firm focused on digital media and marketing services.
AdWeek
The sale includes the nine industry blogs in the Adweek Blog Network- AgencySpy, FishbowlNY, FishbowlDC, GalleyCat, LostRemote, PRNewser, SocialTimes, TVNewser and TVSpy- and will see Beringer co-founder, Brian Martin, becoming Adweek chairman.
The advertising, media and marketing publication insists that its editorial team will not be affected by the sale, with editorial director James Cooper remaining at the helm. Beringer Capital has stated that it will provide Adweek with the resources to expand its current editorial content.
Commenting on the sale Cooper said: “The digital landscape is ever-evolving, and it'll be exciting to work with a partner who shares our passion for the future of media."
Martin praised AdWeek’s “immense success and position as an industry leader” which he attributed to “the magnificent work of its team”.
He said: "We are committed to providing Adweek with the support they need to exceed the expectations of our readers, clients and partners."
The sale, financial details of which were not disclosed, follows on from last year’s spin out of Adweek and other media properties from Guggenheim Partners/Prometheus Global.