SOUTH NORWALK, CT: Former Business Wire president Gregg Castano has launched his own consulting firm after stepping down from his role at the wire service in May.
Castano Communications is focused on providing counsel on industry service providers, which it called "an underserved niche in the PR and marketing advisory space" in a statement.
Castano explained that he will advise investment professionals on how to deploy their resources in this space, which has seen significant consolidation in recent years.
"I’m not trying to be a traditional PR person," Castano said. "I’m trying to fill a gap that exists particularly for small businesses, whether they’re pre-IPOs, startups, or [others], that don’t have the wherewithal to hire professional PR people or firms."
During his more than 32 years at Business Wire, Castano also served as SVP of global sales, EVP, co-COO, and most recently, president.
After leaving the Berkshire Hathaway-owned content distribution platform, Castano observed that potential clients "lacked a cost-effective way to evaluate and choose service providers," a statement said. Investment and private equity firms asked for his counsel as they explored acquisitions, he said.
"Traditional PR is still viable but it has to evolve into a content marketing platform more so than just the written word," Castano said.
He added that several third parties, acting on behalf of investment bankers and private equity firms, have inquired about the competitive newswire landscape as Nasdaq considers a sale of its PR and media services. A Nasdaq spokesperson declined to comment.
Castano exited Business Wire in mid-May, shortly after CFO Geff Scott took over as CEO when incumbent Cathy Baron Tamraz retired.
A Business Wire representative declined to comment, citing company policy.