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R.I.P. Kirkus Reviews?

According to Adweek, Kirkus Reviews will be going out of business. Its owner, Nielsen Co. is selling a bunch of brands to a hedge fund, e5 Global Media LLC, but dropping Kirkus and Editor and Publisher.

Here is the saddest quote from the article:

Asked whether [the chairman of the hedge fund] considered buying those brands, Finkelstein said, "We never looked at them."

"These were the brands we were interested in buying," he said of the eight that are part of the deal. "These were the brands that made sense."

What were the brands purchased? Media related to advertising and film.* What is Nielsen keeping? Its trade show group and affiliated brands while it "continue[s] to assess the strategic fit of other publications."

This is a unhappy day for publishing.


*According to Adweek these were AdweekMedia (which includes Adweek, Mediaweek and Brandweek), The Hollywood Reporter, Billboard, Backstage, The Clio Awards and Film Journal International, plus the Film Expo business (which includes ShoWest, ShowEast, Cinema Expo International and CineAsia trade shows).

Comments

( 2 comments — Leave a comment )
deborahfreedman.wordpress.com
Dec. 10th, 2009 11:27 pm (UTC)
This is shocking. Although most authors I know have always been terrified of Kirkus, which made your star even sweeter!
acebauer
Dec. 12th, 2009 01:23 am (UTC)
Thanks Debbie.

This whole business makes me angry at hedge funds -- their specialty is cherry picking profitable industries, leveraging them, and bleeding them dry. Kirkus and E & P musn't have had high enough profit margins for them -- which is good in that they would have ruined the publications, but bad because now Nielsen doesn't see any point in keeping them either.

The way the financial world functions suck. And it's quality that seems to get hit every time.
( 2 comments — Leave a comment )

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