Private buyout firm OpenGate Capital, which acquired TV Guide Magazine in 2008, said it would open a new division focused on acquiring media properties as well as building out the publishing and other media assets it already owns.
The new division, called OpenGate Media Group, includes a partnership with Jack Kliger and David J. Fishman, who were recently named chief executive and chief operating officer of TV Guide Magazine LLC, repectively, and are managing members of Kliger Media Associates, an industry consultancy. The pair have worked closely with OpenGate since 2009. Kliger is a veteran of the magazine industry, having served as CEO of Hachette Filipacchi Media U.S., publisher of Elle.
OpenGate Capital’s portfolio includes TV Guide, PennySaver USA, Fleurus Presse, Kotka Mills, NorPaper and Fusion Paperboard. Combined, these businesses represent nearly $1 billion in gross consolidated revenues for OpenGate Capital., the company said.
“The formation of OpenGate Media Group allows us to build on the success we have had with TV Guide Magazine over the past five years. As an independent publisher, TV Guide Magazine has been profitable for the past three years while the magazine industry continues to experience significant upheaval,” said Robert Lezec, a partner with OpenGate Capital, in a prepared statement. “We will take the same prudent strategy that is applied to OpenGate’s other portfolio companies and apply it to the new media assets we will either acquire or manage.”
Among the activities that could be expanded is partnering with popular brand and personalities for custom-publishing projects. The TV Guide operations have published Sandra Lee Magazine, centered on the popular Food Network personality, since 2012.