(Another) PE Owner for Ziff Davis

(Reuters) – A former Time Inc executive backed by investment firm Great Hill Partners has purchased technology publisher Ziff Davis, the company said on Friday.

Ziff Davis, which is based in New York and publishes technology reviews online, including PCMag.com, did not disclose financial terms of the deal. Since Ziff Davis emerged from bankruptcy in 2009, it has been run by a group of creditors.

Vivek Shah, who teamed up with Great Hill partners to acquire Ziff Davis, has been named chief executive of the publisher. Shah previously served as president of Fortune and Money magazines.

“We liked it because you have got a top tier brand in the largest Internet advertising category, technology and telecom,” Shah said in an interview.

“You have a traditional publisher that has genuinely transitioned to digital. They are completely unencumbered by their legacy model,” he said.

Fortune and Money are owned by Time Inc, a division of Time Warner (TWX.N). (Reporting by Jennifer Saba)