OpenGate Capital Announces Executive Leadership Changes at TVGuide Magazine LLC

Current Chief Operating Officer, David J. Fishman, Appointed Chief Executive Officer Jack Kliger Steps Down as CEO to Focus on Media Investment Opportunities

LOS ANGELES, CA, and NEW YORK, NY – May 7, 2014 – OpenGate Capital, a global private investment firm, announced today that David J. Fishman, current chief operating officer of TVGuide Magazine LLC, publisher of America’s premier source for television news, discovery, and guidance for more than 60 years, has been appointed chief executive officer effective today. Current chief executive officer, Jack Kliger, has resigned his position and will assist during a transition period. Kliger will also serve as an advisor to OpenGate on selected investments.

“Having played a critical role in creating TVGuide Magazine’s efficient, modern infrastructure, David is the ideal person to lead the magazine into its next chapter,” said Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO. “David has exhibited strong leadership in brand development and editorial oversight over the last five years with the magazine. We thank Jack for his exceptional work that has enabled us to uncover and generate value in this storied brand, including returning it to consistent profitability. Jack’s efforts have helped make TVGuide Magazine a particularly exciting investment for OpenGate and we look forward to continuing to work with him as we further develop our media asset base, and wish him well in any other future endeavors that he will pursue through his advisory firm Kliger Media Associates.”

OpenGate Capital acquired TVGuide Magazine in 2008 and leveraged its experience acquiring, transitioning and operating the business to enable the firm to later acquire several other paper and media-related businesses. To date, there are four companies within OpenGate Capital’s portfolio in the paper, publishing and media space; TVGuide Magazine, Fleurus Presse, a multi-title publisher in France, PennySaver USA, a national and hyper local advertising print and digital publisher, and Kotka Mills. Combined, these four businesses generate approximately $1 billion in revenues.

“It has been my privilege to lead this brand with its dedicated employees and OpenGate’s strong support through a challenging few years as it regained a solid, efficient infrastructure and, most importantly, profitability,” said Jack Kliger. “With a strong platform in place to leverage new global partnerships, now is the right time for David to guide the magazine into the next stage of its evolution. I have always enjoyed new challenges and look forward to collaborating with talented executives, content creators and innovators across the media industry.”

Fishman, who joined TVGuide Magazine in 2009, will be tasked with providing strategic direction for TVGuide Magazine and the various digital initiatives that will be powered by its staff, growing revenue and audience, and overseeing the brand’s editorial content. Fishman has held a number of senior-level positions in the media industry throughout his career. He owned and operated Fathoms Magazine, the magazine of the underwater world before joining forces with Kliger on TVGuide Magazine. He served as Group Publisher of Hachette Filipacchi Media, and CEO of its television subsidiary RTM Productions. During that time, he also was the Senior Vice President of the company’s brand development, merchandise and foreign edition licensing, and content syndication arm. Fishman has also worked for Condé Nast Publications, where as Corporate Director Business Development he was charged with developing new revenue-producing businesses and various Condé Nast magazine titles and the CondéNet websites. Fishman had a similar role at Walt Disney Publishing after initially joining Discover Magazine as a reporter and fact-checker.

“I am excited for the opportunity to take TVGuide Magazine on to the next chapter in its long history – and to work with the magazine’s talented staff as we pursue the myriad of new opportunities for this iconic brand.” Fishman said. “I am also incredibly indebted to Jack Kliger, who has been my mentor, my partner, and my trusted friend for almost 20 years.”

Going forward, Kliger will focus on his media investment and consulting firm, Kliger Media Associates. The firm will look to partner with stand-out entrepreneurs in the media industry ranging from new content creation and publishing platforms to distribution.

About OpenGate Capital

OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buy-outs, special situations and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.

About TVGuide Magazine

TVGuide Magazine LLC is owned by OpenGate Capital, the global private buy-out and investment firm which acquired the magazine in 2008. TVGuide Magazine is one of the most popular magazines in the country with over 12 million weekly readers. From behind-the-scenes looks at broadcast, cable, syndicated and online programming to sneak peeks at television’s most intriguing plotlines, TVGuide Magazine has every corner of the television medium covered. Celebrating more than 60 years as America’s most trusted television authority, TVGuide Magazine is the premier source for entertainment news, guidance, and information about the country’s most popular leisure time activity. For more information, please visit tvguide.com/magazine.

About Kliger Media Associates

Kliger Media Associates is a New York-based media consulting and investment company founded and led by media industry veteran, Jack Kliger. Kliger Media Associates is currently invested in a number of digital media companies including food community website “Food 52” and digital publisher Nomad Editions. Mr. Kliger is an established industry leader having consistently delivered groundbreaking work in senior positions including as CEO of Hachette Filipacchi Media, Executive Vice President of Condé Nast Publications, Publisher of GQ Magazine and Publisher of Glamour magazine. He currently serves on the Board of Directors of MPA – the Association of Magazine Media.