Shamrock Capital, a Los Angeles-based investment firm with approximately $1.9 billion of assets exclusively in the media, entertainment and communications sectors, has reached an agreement with Beringer Capital to acquire Adweek, the leading media and events company serving the brand marketing community.
The news was announced today by Jeffrey Litvack, CEO of Adweek, who will continue to lead the company.
The investment bank CG Petsky Prunier, part of Canaccord Genuity, advised Adweek and Beringer Capital on the transaction. Financial terms were not disclosed.
As part of the deal, Shamrock will acquire Adweek’s diversified business, which has greatly expanded over the past four years with a robust event, community and education portfolio. Building upon award-winning journalism, Adweek launched more than 40 new products, which include reimagined Brandweek, NexTech and Challenger Brands summits, CMO Symposiums, as well as Adweek’s D&I Council and the Institute for Brand Marketing, done in partnership with IBM.
“Adweek has been a critical source of information and insights for the marketing and advertising community for decades,” said Laura Held, partner at Shamrock Capital. “Adweek’s experienced management team has done a tremendous job of building on its established brand, expanding its industry coverage and its product offering to further solidify its leading position in the marketplace. We look forward to working with Adweek to continue to drive strong growth, both organically and through acquisitions.”
Adweek’s editorial and business operations remain unchanged. If anything, the deal with Shamrock will enable Adweek to grow its portfolio and expand its international reach.
“Shamrock’s portfolio of holdings and expertise in the media space makes them an ideal partner for our next phase of growth,” Litvack said. “We share a vision to continue to scale the business both organically and through acquisitions. We are excited to collaborate with Shamrock to further enhance Adweek’s strong brand and leadership in the market.”
Beringer Capital acquired Adweek in July 2016 from Mediabistro Holdings. Adweek launched in 1979 and now attracts 6 million unique monthly visitors, counts 4.3 million social media followers and its magazine boasts a readership of more than 150,000.