The new media unit will oversee and operate the existing Prometheus Global Media assets.
Yahoo's former interim chief executive, Ross Levinsohn, has been appointed as chief executive of the newly created company, Guggenheim Digital Media (GDM).
Levinsohn joined Yahoo in 2010 as EVP of Americas, overseeing the company's regional business.
GDM will oversee and operate the existing Prometheus Global Media assets that Guggenheim controls, including the brands of Billboard, Adweek, and The Hollywood Reporter.
Guggenheim said GDM will continue to manage the Film Expo Group and CLIO Awards, and partner with its additional assets to further develop their digital media strategies, including Dick Clark Productions.
Levinsohn said: "GDM has a powerful and competitive portfolio of iconic media assets today, and I look forward to identifying new opportunities for growth as the media and technology industries continue to rapidly evolve."
Guggenheim Partners president Todd Boehly said: "GDM will play an integral role in developing our iconic portfolio of existing media and entertainment assets, as well as identifying new, groundbreaking investments and partnerships in the music, media, technology, and digital entertainment spaces."