Prometheus Global Media, Investor Group Strike Alliance for Back Stage
NEW YORK - Prometheus Global Media, the parent company of The Hollywood Reporter, has struck a strategic alliance with a group of investors led by John Amato that will acquire a stake in Back Stage, which provides news and information on the performing arts sector, particularly TV, film and theatre.
The companies didn't disclose financial details of the deal or outline specific plans for Back Stage, which will be headed by Amato as CEO.
"We continue to develop in all our major areas of business both vertically and globally, and we are delighted to be working with John Amato to expand Back Stage across numerous platforms," said Prometheus chairman Jimmy Finkelstein.
Back Stage reaches a potential audience of more than 2 million entertainers and industry professionals, according to Prometheus.
"Prometheus and Mr. Amato look forward to maximizing their resources and experience to support the iconic Back Stage brand," Prometheus said in a statement. "They plan to utilize the company’s strong brand and decades of content to make Back Stage the preeminent platform for employers to find talent and for talent to find their next gig.”
Amato is the former president and co-founder of Show Media, a provider of taxi advertising in New York City.
Prometheus was formed by financial services firm Guggenheim Partners and Pluribus Capital Management, founded by Finkelstein, George Green and Matthew Doull, via the acquisition of media and entertainment news brands from Nielsen, including Billboard and Adweek.
“Prometheus has some of the greatest brands anywhere in the world, and we look forward to Back Stage’s continued success as Prometheus broadens its core products through internal growth, strategic partnerships and acquisitions," said Todd Boehly, president of Guggenheim Investments.