Media, a newly formed company formed by Pluribus Capital Management and Guggenheim Partners, and chaired by Jimmy Finkelstein, CEO of News Communications, parent of political journal The Hill, acquired THR from Nielsen Business Media. It pledged to invest in the brand and grow the company. Richard Beckman, formerly of Condé Nast, was appointed as CEO. In 2010, Beckman recruited Janice Min, the former editor-in-chief of Us Weekly, as editorial director to "eviscerate" the existing daily trade paper and reinvent it as a glossy, large-format weekly magazine. The Hollywood Reporter relaunched with a weekly print edition and a revamped website that enabled it to break news. Eight months after its initial report, The New York Times took note of the many scoops THR had generated, adding that the new glossy format seemed to be succeeding with its "rarefied demographic", stating: "They managed to change the subject by going weekly... The large photos, lush paper stock and great design are a kind of narcotic here." In 2011, Deadline Hollywood, a property of Penske Media Corporation, sued The Hollywood Reporter for more than $5 million, alleging copyright infringement. In 2013, THRs parent company settled the suit. According to The Wall Street Journal, "The lawsuit [was] widely viewed in Hollywood as a proxy for the bitter war for readers and advertising dollars... The two sides agreed on a statement reading in part: 'Prometheus admits that The Hollywood Reporter copied source code from Penske Media Corporation's Web site www.tvline.com; Prometheus and The Hollywood Reporter have apologized to Penske Media. By February 2013 the Times returned to THR, filing a report on a party for Academy Award nominees the magazine had hosted at the Los Angeles restaurant Spago. Noting the crowd of top celebrities in attendance, the Times alluded to the fact that many Hollywood insiders were now referring to THR as "the new Vanity Fair". Ad sales since Min's hiring were up more than 50%, while traffic to the magazine's website had grown by 800%. In January 2014, Janice Min was promoted to President/Chief Creative Officer of the Entertainment Group of Guggenheim Media, giving her oversight of THR and its sister brand Billboard. Min is joined by co-preseident John Amato, who is responsible for business initiatives. Guggenheim Partners announced on December 17, 2015, that it would sell the Prometheus media properties to its executive Todd Boehly. The company was sold to Eldridge Industries in February