Summit Founder William F. Reilly, Dead At 70

William F. Reilly, founder of Summit Business Media, the parent company of National Underwriter, died Friday after a year-long battle with prostate cancer. He was 70.

Mr. Reilly enjoyed a long and fruitful career in business media. In one of the first private-equity backed ventures in media, backed by the Kohlberg Kravis Roberts firm, he guided Primedia's inception, launch and growth from zero to a $1.7 billion company in both consumer and business-to-business media over a 10-year period.

After leaving Primedia in 1999, he acquired the Cincinnati-based company F&W, subsequently acquired Krause, then sold this special interest consumer magazine and education company in 2005.

In 2006, as chairman and chief executive officer, Mr. Reilly founded the venture capital firm Summit Business Media, with the backing of Wind Point Partners in Chicago, and subsequently acquired the platform companies Highline Media, including National Underwriter and Pfingsten Publishing. Since that time the company has also acquired Judy Diamond Associates, Agent Media, Wicks Business Media, AUS Online and Wiesner Financial Media.

Mr. Reilly's cancer was diagnosed in mid-2007, at which time he stepped back from day-to-day operations, and Andrew Goodenough was named first as president last year, then also CEO this year.

Mr. Goodenough recalled when he and other executives at Summit had worked closely with Mr. Reilly in setting up the company. "While we were awed at first by his past accomplishments, he quickly put us at ease," Mr. Goodenough said. "We got to know him as much more than just one of the most successful media executives of all time--he was a Renaissance man, a student of history, books, art--a generous man--and an all-around great guy."

Mr. Reilly grew up in New York and graduated from Notre Dame and Harvard Business School. He served in the armed forces in Europe as a first lieutenant with the Army 82nd Airborne Division.

His early business career included stints at W.R. Grace, as president of Herman's Sporting Goods, and at the publishing house MacMillan, before founding Primedia.

He was a trustee of the University of Notre Dame, a director on the board of Barnes and Noble, FMC, Channel 13/WNET, BizBash Media and Harvard Business School Press.

The wake for Mr. Reilly will be tomorrow at the Frank E. Campbell Funeral Chapel, 1076 Madison Ave. from 2 to 4 p.m and again from 7 to 9 p.m.

A funeral mass will be held at 10 a.m. Wednesday at St. Ignatius Loyola Church, 980 Park Ave.

In lieu of flowers, donations can be made in Mr. Reilly's name to Memorial Sloan-Kettering Cancer Center or to the William F. Reilly Technology Center at Cardinal Hayes High School, 650 Grand Concourse, Bronx, NY 10451.

The company plans to make arrangements "to celebrate his life and his role as founder of Summit."