Farrar Now Leads Nielsen Biz Media

Just two days after The Nielsen Co. released its third-quarter earnings – revenue was up 11 percent compared with the same period last year – the company named Greg Farrar president of Nielsen Business Media.

“Greg is a valued member of our leadership team and has been integral to the growth of Business Media over the last two decades,” said David L. Calhoun, Nielsen chairman and CEO. “With his solid track record and proven ability to lead strong businesses and teams, I am confident that Greg will continue to build on his record of success.”

A 20-year veteran of Nielsen, Farrar was most recently COO of Nielsen Business Media, and has led the division since former CEO Robert Krakoff died unexpectedly in March. Farrar also has served as president of VNU Expositions and senior vice president of business development for VNU Business Media.

“I am honored to take on this new role and to be working with the outstanding leadership team at Business Media and The Nielsen Co.,” Farrar said. “Nielsen Business Media is well-positioned for future growth, and I am particularly excited about our opportunities for further expanding our digital footprint in the various industries we serve.”

According to the company, Farrar has played an integral role in the company's media and tradeshow acquisitions, such as the $200 million purchase several years ago of Miller Freeman USA, a business-to-business company that had 29 trade magazines and 56 tradeshows and conferences.

Farrar said the business he now leads would focus on expanding further into the digital marketplace. “This will enable us to serve our customers in the most comprehensive manner possible, and to achieve a leading position in digital media that will provide a powerful complement to success that we currently enjoy in print and face-to-face,” he added.

In his new position, Farrar is “responsible for the directions, operations and growth of Nielsen Business Media and oversight of its management team,” according to the company.

In other Nielsen news, the company released its third-quarter earnings. Revenue for the quarter was $1.18 billion, up from $1.07 billion in the same period in 2006. While revenue increased, operating income was down to $77 million, compared with $90 million in the same period last year, because of a negative impact of $79 million in restructuring costs, according to the company.

In an earnings conference call, Calhoun said the company had made a significant move toward integration that would limit the challenge of managing “so many mediums,” such as TV, the Internet and mobile phones. “We have made a lot of growth moves to try and satisfy that objective” he added.

Calhoun said the company also had made a number of organizational moves, including hiring a new CFO and human resources officer.

As a result of tradeshow timing and discontinued publications, according to Calhoun, Nielsen Business Media had revenues of $128 million, down 8 percent from the same period in 2006. Operating income was down $6 million, or 17 percent, compared with the same period last year, again due to tradeshow timing, Calhoun said.

Nielsen's sale of its 50-percent stake in VNU Exhibitions Europe to Jaarbeurs on Oct. 30 further impacted third-quarter earnings.