Former Yahoo CEO Levinsohn to run Guggenheim Digital Media

Former Yahoo interim CEO Ross Levinsohn and his wife Nicole Levinsohn attend the Allen & Co Media Conference in Sun Valley, Idaho July 13, 2012.

(Reuters) - Ross Levinsohn, Yahoo Inc's former interim chief executive, has been appointed chief executive of the newly created Guggenheim Digital Media, the digital arm of private equity firm Guggenheim Partners.

The New York-based company operates Prometheus Global Media, the publisher of trade magazines Billboard, The Hollywood Reporter and Adweek.

In his new position, Levinsohn will work closely with those titles and Guggenheim's other assets, including Dick Clark Productions.

Levinsohn has a deep background in digital media, including at News Corp where he headed up the Fox Interactive Media division. While at Yahoo, Levinsohn's strategy was to turn the challenged company into an entertainment and media powerhouse by building out its video offerings and striking syndication deals. He was recently named to the board of directors of the Tribune Company.

Guggenheim Partners President Todd Boehly said in a statement that the new digital arm is on the hunt for investments in the media, technology and entertainment spaces.

Separately, Guggenheim said it bought out the remaining stake in Prometheus Global Media from Jimmy Finkelstein's Pluribus Capital.

(Reporting By Jennifer Saba in New York; Editing by Leslie Adler)