PennWell Acquires Broadband Technology Report
Deal includes Diamond Technology Reviews, video products, videos and alerts.
B-to-b publisher PennWell announces the acquisition of Broadband Technology Report [BTR] from Hermes Media & Research LLC. For an undisclosed sum, PennWell now owns the weekly BTR, tech alerts, several video products and the Diamond Technology Reviews, a tech product review program. BTR’s current staff of 5 will be included in the transition to PennWell.
According to a press statement, “the acquisition…represents a new vertical business for PennWell that addresses the well-capitalized and growing broadband industry.” BTR serves executive and staff-level engineers, techs and managers at Multiple System Operators (MSO), Independent Operators (ISO) and IP/telecom companies; its weekly newsletter reaches an audience of 21,000.
Jayne Gilsinger, SVP of planning & development with PennWell, says that unique video products offered by BTR were particularly attractive to the publisher.
Tim Hermes, who will join PennWell as a consultant, launched BTR in 2004. He tells FOLIO:, “It’s been my goal to sell all along. We operated the company on cash for seven straight years; we never had a down year, and we experienced double digit growth. I did as much as I could with the cash I had, and I knew when I got to $1-1.1 million in sales that I wouldn’t be able to take it much further with just my own creative juices.”
Of the decision to sell to PennWell, Hermes says, “I needed a strong parent company to help get into other endeavors like tradeshows and webinars, things that require more capital up front than I could extend myself.”
PennWell will manage BTR from its Technology Group offices, located in Nashua, New Hampshire. BTR staff will continue to operate out of Virginia, Colorado and New York.
Hermes Media & Research LLC was represented by New York-based investment banking firm M. C. Alcamo & Co. in the transaction.