UPDATE: Prometheus Selling Back Stage The Hollywood Reporters Parent Company Shedding Assets Like Flies Now

The Hollywood Reporters Parent Company Is Constantly On The Cost Cut: Prometheus Drawn Plug On Hollywood Creative Directory UPDATE: Prometheus Global Media has become verifying things i reported last evening it’s unloading another showbiz resource.Rather than calling mtss is a purchase, it’s calling mtss is a financial “alliance” witha number of traders brought by John Amato who was previously leader of the New york city taxi advertising company known as Show Media.Amato now becomes Boss of Back Stage.When Prometheus couldn’t sell the media outlet outright,Prometheus joint owner Guggenheim Partners set up the majority of money for that investor group to purchase it.”They are likely to position it as being not really a purchase, but like a proper partnership. But this isn't true: Guggenheim does debt financing and holding a transported minority interest, but this new group is presuming control (including charge of board),” among my associates informs me. Though no financial particulars were introduced, associates tell methe investorgroup is setting up $5 million and Guggenheim is financing $10M to $15M more. “Again, they are attempting to pretend it’s not really a purchase for PR reasons, however in every other company it might be regarded as like a purchase,” the origin stated. Described another insider, “They’re shedding assets like flies now.” EXCLUSIVE SUNDAY 11 PM: The Hollywood Reporter’s parent clients are unloading more assets to chop costs. Still, the purchase of Back Stage is really a surprise due to its and longtime positioning within the entertainment marketplace. My associates let me know that Prometheus Media Group ishanding overthe stars’tool to several traders with Prometheus joint owner Guggenheim Partnersputting up the majority of money to allow them to purchase it. “Guggenheim basically is financing purchasing Back Stage,” one source described in my experience.The state announcement should really seriously Tuesday. Back Stage is really a 50-year-oldresourcefor real-time theatre, TV andmovie casting and audition information and job entries and acting adviceand entertainment news for boththe East and West Shorelines.It's regularly read byperforming arts professionals including working and ambitious stars, performers, ballroom dancers, comics, models, and crew.Since December 2009, it's been possessed by Prometheus Global Media, the embattled parent company of game titles such as the Hollywood Reporter, Billboard, and Adweek(which by Aprilincludes Brandweek and Mediaweek too). Lately, Deadlinewrote the Hollywood Reporter was reducing and/or firing staff due to financial problems. Right after,inner sourcesrevealed to Deadlinethat the Hollywood Creative Directory employees, composed of their posting director of 17 years Valencia McKinley and her staff of three, were let go and informed the outlet have been offered. There’s no question that Prometheuskeeps searching to chop costs, particularly with The Hollywood Reporter hemorrhaging probably the most red-colored ink of its media qualities due to soaring overhead and flattened monthly subscriptions.Ad Week and Billboard are also in danger.Prometheus, initially titled e5 Global Media, bought Back Stage included in an 8-title acquisition in the Nielsen Company.Parents company was formedjointly by private equity finance partner Pluribus Capital Management co-founder Jimmy Finkelsteinand financial services firm Guggenheim Partners’ Todd Boehly who's controlling partner at work From The Boss. The happy couple are actually running Prometheus following the Boss they hired, Richard Beckman, was lately sidelined to occasions planning. Consequently, Finkelstein, who's chairman ofPrometheus,now runs daily management. Search for myupcoming broadened behind-the-moments biz report about Prometheus and also the Hollywood Reporter. [FULL DISCLOSURE: Deadline Hollywood's parent company PMC is suing The Hollywood Reporter's parent company Prometheus for copyright violation.]