Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic Bids

John Amato to run new division

Guggenheim Digital Media announced that it has acquired the stake it didn’t own in Backstage and Sonic Bids and combined them with Billboard to create a larger Billboard Group.

John Amato, chairman and CEO of Backstage LLC, will become president of the new group, which will unite the music brand Billboard and its entertainment charts with Backstage, a resource for job-seeking performing artists; and Sonic Bids, an online service that connects musicians with work opportunities. (Guggenheim also owns Adweek and The Hollywood Reporter.)

“The synergies of Billboard, Sonic Bids and Backstage we believe will provide significant opportunities for growing each of the brands,” Ross Levinsohn, CEO of Guggenheim Digital Media, said in a statement. “The combined group will operate across multiple media platforms to serve a wide array of entertainment-industry professionals, from artists to top-level executives.”