Adweek has been sold from one private equity firm to another.
The advertising industry publication, which marked its 40th anniversary last year, has been acquired by Los Angeles-based private equity firm Shamrock Capital Advisers, both parties announced Tuesday morning.
The seller, Toronto-based PE firm Beringer Capital, had owned Adweek for the past four years, acquiring it in July 2016, about six months after the breakup of its former parent company, Prometheus Global Media, by then-owner Guggenheim Partners.
Adweek CEO Jeffrey Litvack, who will stay on after the sale, declined to share financial terms of the sale, but tells Folio: that the deal had been in the works for several months, since well before the start of the pandemic. Despite a reliance on in-person gatherings, Adweek pivoted quickly to a virtual events strategy, he said, which has allowed it to maintain cash flow and avoid making any major cutbacks.
An announcement adds that “Adweek’s editorial and business operations remain unchanged” following the sale.
“Adweek’s experienced management team has done a tremendous job of building on its established brand, expanding its industry coverage and its product offering to further solidify its leading position in the marketplace,” said Laura Held, partner at Shamrock Capital, in a statement. “We look forward to working with Adweek to continue to drive strong growth, both organically and through acquisitions.”
Founded in 1978 as an investment vehicle for the Disney family, Shamrock Capital’s current portfolio includes radio and podcasting ad agency Ad Results Media, fantasy sports and betting service FanDuel and smartphone app startup Maple Media, among several others, and it claims $1.9 billion in assets under management. It also previously owned the B2B publisher and events firm Questex from 2014 to 2018, when it sold the company to PE firm MidOcean Partners, as well as regional magazine publisher Modern Luxury Media, which it owned from 2004 to 2007.