AdMedia Partners Announces Inc. and Fast Company Magazines Sold to Mansueto
G+J USA Publishing Company concludes agreement to sell selected assets and liabilities of its Inc. and Fast Company magazines to a newly formed publishing entity controlled by Joe Mansueto.
NEW YORK (PRWEB) June 27, 2005 -- G+J USA Publishing Company has
concluded an agreement today to sell selected assets and liabilities of its Inc. and Fast Company magazines to a newly formed publishing
entity controlled by Joe Mansueto. The acquisition is projected
to close by the end of the month subject to Justice Department
approval.
This transaction is coordinated with the sale of the other G+J USA titles
to the Meredith Corporation in a deal announced previously but
expected to close about the same time. G+J USA employees currently working at
the Inc. and Fast Company business titles -- or in corporate departments
directly with the business titles -- will be part of the newly formed
entity.
Mr. Mansueto is also the principal owner of Morningstar Inc. and an
investor in Time Out Chicago, a cousin of the successful Time Out products in
London and New York. G+J USA is an affiliate of Gruner + Jahr AG & CO. KG,
the leading European publisher.
"I am very pleased that we succeeded in
finding a good home for our Inc. and Fast Company
business titles as well," said Axel Ganz, member of the executive board of G+J
AG. "Both magazines will continue to be published in New York after
completion of the sale and our readers will continue to benefit from the
insightful and informative content these magazines have become so well known
for."
"I am delighted to acquire two of the nation’s leading business
magazines,” said Mansueto. “I have long admired both publications. They have
everything I look for in a media company: world-class brands, exceptional
management, high quality content and loyal readers and advertisers."
Mark
Edmiston, managing director of AdMedia Partners, the New York based investment banking firm that advised G+J Publishing on this
transaction, said that speed to close was one of the most important factors.
"From start to finish this deal took just 29 days which may be a record for this
type of transaction," he said.
About AdMedia Partners;
AdMedia
Partners, mergers and acquisitions
advisory services to media, advertising and marketing services, and related
interactive businesses. Founded in 1990, the firm has completed over 90
transactions since 1999.
Contacts:
Mark Edmiston, Managing
Director
AdMedia Partners
212-759-1870
Sue R.E. Geramian, Vice
President Corporate Communications
G+J USA
212-499-1621
Kurt Otto,
Spokesman
Gruner + Jahr AG
0114940-3703-3810
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Source : http://www.prweb.com/releases/2005/6/prweb255786.htm