Ross Levinsohn, CEO of Guggenheim Digital Media, has left the company, sources confirmed.

Financial services firm Guggenheim Partners hired Levinsohn — who briefly held the CEO post at Yahoo before Marissa Mayer came in — in January 2013 to head GDM, which was expected to make significant investments in the digital media and entertainment space. That never happened.

A rep for Guggenheim Partners declined to comment. Levinsohn could not be reached for comment. His departure was first reported by Re/Code.

SEE ALSO: Guggenheim Digital CEO Ross Levinsohn: All Tech, No Action

Guggenheim this past January named former Backstage CEO John Amato to lead business initiatives of a group merging THR and Billboard. With the restructuring, Levinsohn was no longer managing the company’s trade publications.

Under Levinsohn, Guggenheim Digital Media had explored acquisitions of (or investments in) several Internet video companies. Most notably, Levinsohn wanted to buy Hulu, and GDM had submitted a bid for the company with private-equity firm KKR. But Hulu’s parents — Disney, 21st Century Fox and NBCUniversal — decided to keep the venture.

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Two of Levinsohn’s key lieutenants at Guggenheim Digital Media already quit. Executive VP Zander Lurie, who previously ran strategic development for CBS, left in January. Michel Protti quit as GDM’s senior VP of strategy and operations last fall to join Facebook.