Entertainment roundup: Billboard, Hollywood Reporter sold

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After months of speculation about their future, the entertainment industry trade newspaper Hollywood Reporter, music industry paper Billboard and six other publications owned by Nielsen Business Media have been sold.

Their new owner is a consortium of investors led by James Finkelstein, whose News Communications controls publications including Washington paper Roll Call and the ‘Who’s Who’ directories. In addition, Finkelstein owns Thompson Publishing Group, which puts out a variety of niche publications about government regulations.

Read the blog post by Ben Fritz in Company Town here

AOL completed its spinoff from Time Warner today and went back to being an independent Internet company. Entertainment reporter Joe Flint says Time Warner Chief Executive Jeff Bewkes took the opportunity to issue a ‘goodbye and don’t let the door hit you on the way out’ memo.

Read the full post here

Photo Associated Press

Much to the chagrin of California, New Mexico has emerged as a major draw for movies and TV shows in recent years, Richard Verrier writes. Credit a generous 25% film production rebate, favorable climate and an aggressive film office.

Now, the state that bills itself it as ‘Hollywood’s Newest Home’ is ratcheting up the competition even further. With the support of a $10-million economic development grant from the state, developers are about to break ground on a major production studio just outside Santa Fe, the state capital.

Read more here

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