Neal Vitale has been out of the magazine industry for nearly eight years, but earlier this month suddenly found himself as CEO of a $75 million b-to-b publishing company. With two acquisitions in the space of a week, the veteran of Cahners Publishing Co. and Petersen Publishing became chief of 1105 Media, a brand-new company based in Chatsworth, California.
Articles by Tony Silber
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1105 Media, the company that acquired 101communications last week, yesterday acquired Dallas-based Stevens Publishing, a seven-title publisher specializing in the health and safety markets. The sale price was not disclosed, but a knowledgable M&A source said it was about $30 million for a company whose revenue is about $20 million.
The sale of 101communications officially closed this afternoon, two sources familiar with the deal said late Friday. In the deal, the $53 million technology-publishing Chatsworth, California, company was sold by the private-equity firm Frontenac Co., to two other equity firms, Boston-based Nautic Partners and Alta Communications.
The sale of 101communications has cleared review by the Federal Trade Commission under the Hart Scott Rodino Antitrust Act, thus paving the way for a final closing. According to a report Tuesday in the Dow Jones LBO Wire, 101 owner Frontenac Co. has agreed to sell the company to the private-equity firm Nautic Partners for $75 million, or 10-times EBITDA.
Post Newsweek Tech Media president David Greene has left the company as of the end of March after a five-year run. He has been replaced by a three-person management team.
Michael Pashby, the high-profile general manager of Magazine Publishers of America, is leaving MPA to seek a job at a publishing company. His last day is tomorrow, and his position will not be filled, MPA CEO Nina Link said in an e-mail message.
So I've been feeling pretty good about where we've gotten with Folio:'s e-media offerings (and Circulation Management's as well).
CMP Media has put its consumer-oriented entertainment titles on the block, the company has confirmed. An internal announcement regarding the sale was recently made.
Former Cahners and Petersen exec Neal Vitale said to be buyer. The buzz among b-to-b publishers at the Neal Awards luncheon today was that the long-delayed sale of 101communications is going to be announced imminently.