New York-based private equity firm Beringer Capital has acquired Adweek.
Beringer managing partner and vice chairman Brian Martin and managing partner Gil Ozir announced the news in a staff meeting with Adweek employees this morning. In the meeting, Martin expressed the firm’s longterm interest in the brand, quoting from an upcoming press release: “Over the past four decades, Adweek has continued to evolve along with the industry in which it serves. We are truly excited at the prospect of what the next decade will bring.”
Martin called the transaction a gradual carve-out of Adweek from Mediabistro Holdings.
In 2014, Adweek’s then-parent company Prometheus Global Media acquired Mediabistro.com and merged the editorial, job board and education platforms with Adweek and the Clio Awards. The resulting company took on the new name Mediabistro Holdings. In the new arrangement, Adweek and the Adweek Blog Network, including this site, will now be owned by Beringer, while the other businesses remain with MBH.
All the current Adweek leadership remains in place for the print publication, Adweek.com and the Adweek Blog Network. MBH head Jeff Wilbur said many of Adweek’s existing partnerships with Mediabistro will also continue, and many back-office functions will remain in place. “I am confident that the brand will continue to grow and excel in the years to come under Beringer’s leadership,” said Wilbur in a note to staff.
Martin announced that Beringer, which includes Tony Robbins as a partner, had created a new fund with its first investment being Adweek. Financial terms were not disclosed.