As a part of its investment in GDM, Guggenheim anticipates allocating significant capital to acquire and invest in new media companies and properties that will meaningfully expand its current portfolio.
Guggenheim Digital Media will also oversee and operate the existing Prometheus Global Media assets that Guggenheim controls, including the iconic brands of Billboard, Adweek, and The Hollywood Reporter. GDM will continue to invest in both the print and digital versions of these properties, developing cutting-edge and industry-leading products. It will continue to manage The Film Expo Group and CLIO Awards, and partner with additional Guggenheim assets to further develop their digital media strategies, including Dick Clark Productions.
'GDM will play an integral role in developing our iconic portfolio of existing media and entertainment assets, as well as identifying new, groundbreaking investments and partnerships in the music, media, technology, and digital entertainment spaces', said Todd Boehly, President of Guggenheim Partners. 'Ross’s deep industry expertise and impressive track record of executing digital media strategies make him the ideal person to spearhead this new effort'.
'I am excited to be part of the dynamic Guggenheim family of companies', commented Ross Levinsohn. 'GDM has a powerful and competitive portfolio of iconic media assets today, and I look forward to identifying new opportunities for growth as the media and technology industries continue to rapidly evolve'.
Prior to joining Guggenheim, Levinsohn served as interim Chief Executive Officer for Yahoo!. Previously, he served as EVP and Head of Global Media for Yahoo!, where he was responsible for all aspects of Yahoo!'s digital media business, including the vision, strategy, product, partnerships, engineering, and content creation for its marquee properties and content experiences globally. He joined Yahoo! in 2010 as EVP, Americas, overseeing its largest regional business.
In addition, Guggenheim announced that it has acquired the remaining stake in Prometheus Global Media from Pluribus Capital, which was founded by Jimmy Finkelstein, who previously served as Chairman of Prometheus Global Media.
'We have enjoyed a successful and profitable investment with Prometheus, and Guggenheim now has a dynamic runway for continued success, especially in light of their recent acquisitions in the media industry', said Finkelstein.
Boehly continued, 'The partnership between Guggenheim and Pluribus has produced dynamic and growing brands. We credit Jimmy for his leadership and wish him the best of luck in his future ventures'.