FOLIO: Wire | 11.30.06
VNU Third Quarter Financials Show Growth
Netherlands-based media company VNU's third quarter financials show a increase in revenue for both the quarter and the first nine months of the year, despite being bought out buy a group of private equity investors in May. Operating revenue for the third quarter closed at over $1.193 billion, an increase of 2 percent over last year (this amount excludes a $9.2 million decrease in revenue due to the purchase price related to the sale of the company).
For the first nine months of the year, operating revenue was $3.6 million, up 5.5 percent from 2005. Reported third-quarter operating income was $95 million, down 20 percent from the $130 million reported in 2005. Both the third-quarter and year-to-date results were negatively impacted by acquisition-related issues, the company said in a statement.
As of the end of September, total debt amounted to nearly $8 billion and cash balances were $466 million. Capital expenditures were $1.63 million for the first three quarters of the year, a small decrease compared to the $1.67 spent last year. Borrowed funds in the third quarter reached nearly $7 million.
Modern Luxury Launches in Miami
Modern Luxury Media will launch its 13th metro lux magazine, MIAMI in September 2007. Like its sister publications, MIAMI will be distributed via subscription and will be present in hotel rooms and other commercial locations throughout the city.
1105 Media Hires Cadmus
California-based 1105 Media has joined forces with Cadmus Communications Corporation, signing a four-year contract with the service provider. Cadmus is now the company's exclusive provider of publisher services. Prior to the deal, 1105 worked partially with Cadmus and a separate service provider, due to the fact that the company was created from a merger between 101communications and Stevens Publishing in April 2006.
American Profile Relaunches Web Site
Franklin, Tennessee-based Publishing Group of America has launched a new companion Web site for its weekly print magazine American Profile. The site wil feature a searchable database of reader-submitted recipes as well as an online store that will offer over 30 items related to stories found in the magazine. Editor's reviews and message boards will also be featured.
ITEM Publications Goes Digital in Japan
U.S.-based ITEM Publications and TUV Ohtama, a Japanese electrical engineering company, have joined forces to launch a Japanese language digital magazine entitled Interface Technology Japan. The bi-monthly magazine will target the Japanese electrical engineering professional and is slated for February 2007.
BeE Woman Taps Dallas
After a year in production, Femme Publications' BeE Woman will launch a local edition for the women of Dallas, Texas. The imprint, which hits newsstands December 15, features 16 additional pages of locally targeted editorial and ad content. The magazine will celebrate with a party in Dallas on December 13.
Greenspring Media Group Acquires Home & Garden Show
Dmg World Media has sold its Minneapolis Fall Home & Garden Show to Minneapolis-based Greenspring Media Group. The transaction was handled by Westport, Connecticut-based Corporate Solutions. Terms of the deal were not disclosed. The event complements Greenspring's collection of regional titles which include Midwest Home, Minnesota Monthly and Chicago Living magazines, in addition to consumer events including Twin Cities Food & Wine Experience.
ASME Announces New Categories, Category Changes for 2007 Magazine Awards
The American Society of Magazine Editors today said it is introducing three new categories, as well as modifications to some existing categories for next year's National Magazine Awards.
Beginning next year, the Photo Portfolio/Photo Essay category will be divided into two separate categories: Photojournalism and Photo Portfolio. Photojournalism will recognize the photographic documentation of an event or subject in real-time, while Photo Portfolio will honor creative photography and photo illustration, including portraiture, according to a statement from ASME.
Two new online categories, Interactive Service and Interactive Feature, have been added to the contest. Interactive Service will recognize a service feature on the Web offering practical advice or instruction, while Interactive Feature will honor an editorial Web feature focusing on news, entertainment and other subjects. Both categories look at a site's creative use of multimedia technology, user involvement, and personalization and community tools.
Also, three categories that previously only accepted articles from print magazines will now accept online articles as well. The categories are: Essays; Columns and Commentary; and Reviews and Criticism.
Sunshine Media Launches New Hispanic Medical Journal
Scottsdale, Arizona-based Sunshine Media Holding Corporation has launched a new professional medial journal for Hispanic physicians and surgeons in the U.S. and Puerto Rico titled MEDICO Intemericano. Initial rate base will be 40,000.
ALM's Real Estate Division Launches "Green Building" Initiative
ALM's Real Estate Media Division has created a new initiative for 2007 that will expand its "green building" and sustainable development sectors. The program will incorporate expanded coverage, new features and special supplements in REM's Real Estate Forum and Real Estate New York magazines. Other changes include a targeted conference on green building as part of the RealShare conference series.
A new quarterly green building supplement will be published with the Real Estate New York brand, while Real Estate Forum will expand its green coverage with a special editorial feature in the April issue. The newly created RealShare Green Building Conference is slated for December 2007.
Spokesman: Prism/Penton Merger Still Nameless
The new company that will be formed as the result of the Prism Business Media and Penton Media merger is still nameless, says Lee Feldman, a spokesman for Prism and Wasserstein & Co. Although there's been some speculation that the name Prism would be retained because it is the company doing the acquiring, Feldman said Wednesday that it's still too early in the process to determine what the new name will be.
Although Prism is a slightly larger company than Penton, with some $250 million in revenues, compared to Penton's $200 million, Penton is more well-established b-to-b brand that has existed since 1892.
The Prism brand, on the other hand, is barely a year-old. Formerly Primedia Business Media, the company now known as Prism was purchased in August 2005 by Wasserstein & Co. for $385 million. After purchasing the company, Wasserstein briefly called its new entity PBI Media Holdings Inc., before settling on the name Prism in December of 2005.
Custom Publishing Council Recognizes Companies with Pearl Awards
The Custom Publishing Council last week presented 36 custom publishing companies with 91 Pearl awards recognizing design, editorial and strategic initiatives for consumer and b-to-b custom publications. The third annual awards were given out Thursday evening during a ceremony at New Space in New York. The ceremony was attended by 150 people.
The council received 455 entries for magazines, newsletters and Web sites this year. Jane Ottenberg, president of The Magazine Group, presented the inaugural John Caldwell Lifetime Achievement Award to the Caldwell family. One of the CPC's founding members, Caldwell passed away in 2005.
For a list of this year's winners click here.
MPA, ASME Name Lifetime Achievement Recipients
Magazine Publishers of America and American Society of Magazine Editors have named this year's recipients of Lifetime Achievement Awards. Thomas O. Ryder, chairman of the board for the Reader's Digest Association, is the recipient of the Henry Johnson Fisher Award, named for the founding publisher of Popular Science; and Lewis Lapham, national correspondent for Harper's Magazine, has been chosen for induction into the Magazine Editors' Hall of Fame. The two will receive their awards at a lunchtime event February 1 at Gotham Hall in New York.
Ryder, who has worked in the magazine industry for almost 40 years and is one of longest serving members of the MPA's board of director's, as well as a past chairman of the board, was chosen for his commitment to diversity hiring and staff development. Lapham, a 30-year veteran of the industry, is being honored for his commitment to editorial excellence.
Both recipients will receive honorariums to donate to a charity of their choice. Ryder will receive $10,000 from Popular Science's parent company, Time4Media, a division of Time Inc. Lapham will receive an honorarium of $10,000 from printing company Quad/Graphics.
CMP Sells Book Titles for $2.2 Million
United Business Media's U.S.-based subsidiary CMP Technology has sold Backbeat Books, a portfolio of non-core music enthusiast book titles to Hal Leonard Corp. for a $2.2 million in cash. Hal Leonard, based in Milwaukee, Wisconsin, is a music print publisher. CMP is United Business Media's b-to-b publishing division with a portfolio of hundreds of print, event and online publications.