Media and publishing executive Eric Thorkilsen and TZPGrowth Partners I LP, a New York-based private equity fund and part of the TZPGroup, struck a deal to acquire This Old House Ventures LLC and all of itsassociated media properties from Time Inc.
Financial terms of the deal were not disclosed.
As a fully integrated, multimedia business, This Old HouseVentures will manage all of its own core business functions, including originaltelevision production, digital content and operations, advertising sales,magazine editorial, brand licensing and marketing from its new headquarters inStamford, Conn., beginning summer 2016, the company said April 1.
Time Inc. will remain involved with the lifestyle brandthrough long-term service agreements with the new owners to provide back officeoperations, including magazine production, consumer subscription marketing, andfulfillment and distribution services. As part of the transition, This Old House magazine will now behelmed by Susan Wyland as an editor-in-chief. Scott Omelianuk, This Old House's editor, is leaving thebrand to pursue a new opportunity in the television space.
The new senior management team will also include CFO Joe Brady,Chief Revenue Officer Michael Burton, Chief Digital Officer Michael Gutkowski,and Chris Wolfe, as executive producer, ThisOld House and Ask This Old House and general manager, This Old HouseProductions.
Portico Capital Securities served as financial adviser tothe acquirers.