Venerable ad trade publisher Adweek has a new parent for at least the ninth time in its 41 years of publishing.
Los Angeles-based investment firm Shamrock Capital this morning announced it acquired Adweek from Beringer Capital. Terms were not disclosed.
Since it was founded in 1979 by A/S/M Communications Inc., the magazine -- as well as various sister publications -- have been owned by Affiliated Publications Inc., VNU, Nielsen, e5 Global Media, Prometheus Global Media, Mediabistro Holdings, and Beringer Capital, which acquired it in 2016.
By contrast, its chief rival -- 90-year-old Advertising Age -- has been owned by one family-controlled business, Crain Communications, its entire existence.
“Shamrock’s strong media expertise makes the firm an ideal partner for Adweek,” Adweek CEO Jeffrey Litvack said in a statement.
Boasting $1.9 billion in assets under its management, Shamrock says it invests exclusively in media, entertainment and communications properties, and has a portfolio including Ad Results Media, Appetize, Branded Cities, DeCurtis, FanDuel, Iyuno Media Group, Maple Media, Mobilitie, Omega Wireless, Pixellot, and Wpromote.