Public relations 101 dictates that there are only two reasons to send out press releases at 5:20pm the Friday before Labor Day: (1) Because it’s bad news, or (2) Because it’s good news that you’re hoping will go unnoticed for strategic reasons.
It seems like General Atlantic falls into the latter category, with an announcement that it has hired two new advisors in the media and consumer space: Jonathan Miller (former AOL chief executive) and Ross Levinsohn (former president of Fox Interactive Media).
So why would GA want to bury seemingly-positive news? Rafat Ali of PaidContent suggests that the release was “hurried” because of leaks related not only to the hires, but to a digital media rollup vehicle that Miller and Levinsohn are about to launch.
Rafat reports that a fuller announcement will come next week, and that General Atlantic will be among the “up to $1 billion” fund’s investors. The pair had also been in talks with both TPG and Warburg Pincus, but failed to reach an amicable arrangement.
Well, let’s add the coming announcement to a long list of post-Labor Day happenings worth looking forward to…