Summit Business Media Folds Financial Title, Enters Partnership with Source Media
Source to fulfill Mortgage Originatorâ€™s subscribers with Originator News.
Summit Business Media has suspended publication of monthly financial title Mortgage Originator Magazine. The June issue will be its last.
Launched nearly 20 years ago, Mortgage Originator carried a paid and controlled circulation of 15,000. Summit acquired the magazine about a decade ago.
â€śItâ€™s a strong brand that was an acknowledged, established part of our portfolio,â€ť Summit senior vice president John Whelan told FOLIO:. â€śBut, itâ€™s been caught in the eye of the storm in terms of the worsening economic conditions. The readership has been impacted heavily.â€ť
An editor and an independent sales manager were laid off as a result of the closure, Whelan said. Group publisher John DeCesare will remain with the company.
In January, citing a need to focus on its core brands, Summit suspended publication of 30,000-circ. Bank Advisor magazine.
Whelan said Summit has since formed a partnership with fellow trade publisher Source Media in which Source acquired certain rights associated with Mortgage Originator Magazine. The partnership allows Source, which publishes Origination News magazine, to fulfill MOMâ€™s subscriptions and take on its advertisers through the end of the year.
Financial terms of the partnership were not disclosed.
â€śItâ€™s a win-win for both of us,â€ť said Whelan. A Source spokesperson did not immediately return requests for comment.
According to Whelan, Summit still owns the titles and rights to the publication, and could consider a relaunch â€śat some point.â€ť But that â€śmost likely wouldnâ€™t be before January 2011, at least,â€ť he said.