Summit Founder Reilly Praised As Media Pioneer

William F. Reilly, founder of Summit Business Media–the parent company of National Underwriter–died on Oct. 17 after a year-long battle with prostate cancer. He was 70 years old.

Mr. Reilly was praised by Summit officials as a pioneer in using private equity capital to finance mergers and acquisitions in magazine publishing. Indeed, in one of the first private-equity-backed ventures in media, in conjunction with Kohlberg Kravis Roberts, he guided Primedia's launch and growth 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 the 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. He subsequently acquired the platform companies Highline Media (which included National Underwriter) and Pfingsten Publishing (publisher of American Agent and Broker, among other publications).

Since that time, Summit 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. Andrew Goodenough was named president last year, and added the CEO title 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. He was a generous man, and an all-around great guy.”

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, N.Y. 10451.