Updating her item from Sunday night, Nikki Finke reports this afternoon that the sale of Backstage magazine by Prometheus Global Media has been confirmed. Even though the seller would prefer to use another term.
The parent company of The Hollywood Reporter, Billboard and other media publications is shining onto their actor mag the nomenclature of “strategic alliance.” But don’t be fooled by the stage dressing, Finke’s sources suggest:
Though no financial details were announced, insiders tell me the investor group is putting up $5 million and [Prometheus joint owner] Guggenheim is financing $10M to $15M more. “Again, they are trying to pretend it’s not a sale for PR reasons, but in any other company it would be regarded as a sale,” the source said. Explained another insider, “They’re dropping assets like flies now.”
The new CEO of Backstage will be John Amato, who previously presided over taxicab advertising firm Show Media. We don’t mean to be cruel, but he probably got to know a few actors in that line of work as well.