NEW YORK (CelebrityAccess MediaWire) — James Finkelstein's News Communications may be looking to purchase a number of Nielsen's publication, including The Hollywood Reporter, Adweek and Billboard Magazine.
According to a story originally broken by entertainment blog The Wrap, Nielsen has been facing a challenging publishing climate for its 41 magazines and may have been looking to sell many of them, including the iconic Hollywood Reporter and Billboard Magazine for over a year.
When questioned on the matter during an investor conference call, Nielsen CFO Brian West declined to confirm or deny the sale, but did hint that they may hold on to some of their "iconic brands" such as Billboard & THR as long as they remain influential in their respective spheres and are supported by a "trade show element" MediaWeek reported.
"Our view is that we have to ride it out," West said, adding, "[for] assets that don't hit the mark, we are always looking to work them out of the portfolio."
The rumors followed what has been a tough year at Nielsen Business Media where Q3 revenues were down by 28% as compared to the same period in 2008. Overall operating income for Q3 was off by 54%. – CelebrityAccess Staff Writers