Ascend Media today said it has closed on the sale of its Professional Services Division—17 magazines in the food, beverage and packaging spaces—to BNP Media.
The division, which is based in Deerfield, Illinois, and Las Vegas, represents about 25 percent of the company’s revenue, CEO Cam Bishop said. Although it has enjoyed significant growth this year, it no longer fit with Ascend’s strategic direction, Bishop said, confirming June buzz that Ascend was interested in selling the division. “We are divesting our non-medical and non-healthcare assets to focus exclusively on medical and healthcare,” he said. “This is just a portfolio-management decision.” Ascend was represented by DeSilva + Phillips in the transaction.
Ascend Media after the divestiture is a $100 million company, Bishop said. BNP, for its part, is a large b-to-b publisher based in Troy, Michigan. It has a group of magazines that compete directly with the Ascend titles.
The Professional Services Division consists mainly of the former Stagnito Communications, which came to Ascend as part of its acquisition of Medical World Communications acquisition in 2005. Stagnito Communications over the years has come to be closely associated with longtime chief Harry Stagnito and more recently, his family. But they will not be staying with the titles as they move to the new owner.
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