Report: THR investors looking for a way out

The Wrap's Sharon Waxman (not exactly a disinterested observer) has confirmed this morning's report in the NY Post that the Reporter and its four sister publications - Billboard, AdWeek, MediaWeek and Brandweek - are on the block. That's just 15 months after the magazines were purchased. The Reporter, in particular, is said to be losing a bunch of money - not a huge surprise given the tens of millions of dollars that investors have been spending on big-name hires and a weekly print magazine that has yet to develop much of a following. The THR strategy has been to expand beyond the old-fashioned nuts-and-bolts entertainment news that had been a mainstay at both the Reporter and Variety. An interesting experiment, but there are a lot of entertainment sites out there that slice-and-dice much the same material. NY Jimmy Finkelstein has denied that the property is for sale.