The Hollywood Reporter's parent company has named former Yahoo executive Ross Levinsohn CEO, replacing Dottie Mattison just seven months after she took the job.
In a further corporate shift, co-owner Jimmy Finkelstein sold his stake in Prometheus, the umbrella company for THR, Billboard, Adweek, the Film Expo Group and the CLIO Awards, to Guggenheim. That umbrella company has been renamed Guggenheim Digital Media.
The trade newspapers have struggled to find a working business model since their purchase by the two partners in 2009 for $70 million. TheWrap reported last year that THR stood to lose $6 million in 2012, though that was denied by the company at the time.
Bringing in Levinsohn provides them with digital expertise.
Many were surprised when Mattison was named CEO earlier this year, having joined Guggenheim Partners in October 2009 after overseeing Wal-Mart's global apparel operation. Finkelstein, previously chairman of Prometheus, now exits the company.
With Levinsohn, who recently left Yahoo after he was overlooked as CEO in favor of Marissa Mayer, Guggenheim gains a seasoned digital executive. He will assume his position immediately, a spokeswoman told TheWrap.
Mattison was hired last July ...