Folio: Wire | 7.27.06
By: Marrecca Fiore and Linda Zebian
Fast Company, Inc. Magazines Moving Headquarters Downtown
Mansueto Ventures LLC, publisher of the business media brands Inc. and Fast Company, has announced that it signed a 15-year lease agreement on July 25 with Silverstein Properties Inc. for approximately 40,000 square feet of space in 7 World Trade Center, located at 250 Greenwich Street in Downtown Manhattan.
Mansueto is the first corporate tenant to locate its national headquarters in Silverstein Properties’ new skyscraper, 7 World Trade Center, which is the city’s first certified "green" commercial office building. Mansueto, which is currently located in midtown Manhattan, plans to move into 7 WTC in early 2007 and will occupy one entire floor in the building, which offers 360-degree panoramic views of New York City, the harbor and New Jersey.
United Business Media Revenue Up 25 Percent
United Business Media reports significant growth for the first half of 2006, citing a 25.1 percent increase in revenue for the January-June period. The company closed June with revenue reaching over $731 million and profit before taxes reported at $164 million, an 8.9 percent increase over the same period last year.
The growth comes during a time of a difficult trading environment, according to CEO David Levin, who credits the company’s success to acquisitions, disposals and investment in new product development. Such deals include the July 19 purchase of Commonwealth Business Media, Inc., which UBM bought for $152 million as well as eight additional acquisitions. The company said recently that its print revenues, which includes products from U.S.-based CMP, have been soft.
ASBPE Honors Computerworld, CSO With Magazine of the Year Award
Two titles published by Framingham, Mass.-based IDG Group swept the Magazine of the Year category at ASBPE’s National Editorial Conference awards ceremony Thursday in Chicago. IDG’s Computerworld received the Azbee for top magazine with a circulation of 80,000 and CSO brought home the award in the under 80,000-circulation category. Both magazines also won the award in 2004.
Judges commented that Computerworld was "packed with useful information with never a fluffy issue–difficult for any monthly magazine, and they do it weekly," and said CSO "takes risks with subject matter," with covers that "have attitude."
Other winners included Aquatics International’s Shabnam Mogharabi, who was honored with The 2006 Stephen Barr Award for feature writing for a series of articles she wrote on why American minority youths account for a disproportionate percentage of drowning deaths.
ASBPE’s Lifetime Achievement Award was given to Nelson Publishing’s, senior editorial advisor and columnist, Stan Modic.
Honorable mentions for Magazine of the Year were given to The Economist Group’s CFO and IDG’s CIO in the larger-circulation category, while Tech Target’s Information Security and Northstar Travel Media’s Meetings & Conventions received honorable mentions in the under 80,000-circ category.
Azbees were presented in 40 categories. Fifteen magazines brought home Gold awards for editorial accomplishment, 23 in graphics, and six in digital.
Penton Outlines Executive Bonus Plan Conditioned on Sale
Penton Media filed an 8K report last week with the Securities and Exchange Commission stating that the company’s Board of Directors approved an arrangement to compensate five Penton senior managers with bonuses, including a $400,000 bonus for CEO David Nussbaum, in the event of a sale of the corporation (which may include a sale of a controlling interest). The Board of Directors approved the arrangement at the recommendation of the company’s Compensation Committee, the filing said.
In addition to Nussbaum, Preston L. Vice and Darrel C. Denny, who also are executive officers of the company will receive bonuses. Vice, Denny and two other executives, who were not named in the document, will each receive a variable cash bonus based on the sale proceeds distributable to holders of the company’s Series C Preferred Stock and common stock as outlined in the following bonus schedule:
Sale price of less than $135,000,000: Bonus, $ 25,000
$135,000,000 or more but less than $145,000,000: $ 50,000
$145,000,000 or more but less than $185,000,000: $100,000
$185,000,000 or greater: $150,000
Fox Chapel Acquires Cambium Press
With newsstand circulation experiencing double-digit increases and subscription numbers rising, Fox Chapel’s Scroll Saw Woodworking & Crafts and Wood Carving Illustrated has sparked the growth of its book division, the company said in a statement. The purchase of Cambium Press will improve Fox Chapel’s ability to serve its readers that are engaged in more mainstream projects of woodworking, it added.
Among the Cambium back-list titles to be added to Fox Chapel’s library are the Craftsman Shop Drawings series by Robert Lang and the two-volume Woodworkers’ Essential Facts, Formulas, and Short Cuts. This fall Fox Chapel will publish Cambium’s "Modern Cabinet Work," a reprint of the 1922 classic known as the "cabinetmaker’s bible," and Shop Drawings for Greene & Greene Furniture, a new addition to the Lang series.
Conde Nast Acquires NutritionData.com
This acquisition, which was announced by Sarah Chubb, President of CondeNet, the Web division of Conde Nast, continues the acceleration of the company’s Web presence, following the announcement of a deal last Tuesday to acquire Wired News. "NutritionData.com, with a large and growing audience of 600,000 monthly unique visitors, has great potential as an advertising venue," Chubb said in a statement.
Last week Conde Nast closed a $25 million acquisition of Wired News from Lycos Inc., in a deal that reunited the print and digital brands of Wired after eight years apart. Terms of the NutritionData.com acquisition were not disclosed. NutritionData.com was founded in 2003. Most data on the site is supplied from the USDA, which updates information every six months.
Evanta Acquired by dmg; Strategic Research Institute Acquired by ALM
Evanta Inc. has been acquired by dmg world media. Evanta, a 3-year-old company headquartered in Portland, Oregon, is a premier producer of Fortune 1000 CIO executive conferences. As part of dmg world media, an international exhibition and publishing company, Evanta plans to expand the reach of its CIO Executive Summits internationally. The Jordan, Edmiston Group represented Evanta in the transaction.
"This acquisition will help us realize our initial vision of creating a global company that offers value to CIO’s of billion dollar companies all around the world," said Evanta President Bob Dethlefs. "Now, as part of a first-rate global company, Evanta will be able to offer opportunities for professional relationship building, collaboration and idea sharing on a global scale."
In another acquisition, Strategic Research Institute, a privately held conference and seminar producer headquartered in New York City, has been acquired by ALM a leading media company serving legal and business professionals. Founded in 1993, SRI produces more than 130 conferences annually, targeted primarily at C-level executives and professionals in the following sectors: finance; life sciences; natural resource development; multi-cultural marketing; technology; and general business. JEGI represented SRI in the transaction.
SRI will continue to operate from its current locations in New York City and Los Angeles, under the direction of co-founder Stuart M. Williams. The company will join ALM’s related conference businesses, including ALM Events for legal professionals and managers, Insight Information business conferences in Canada and the RealShare conference series produced by ALM’s Real Estate Media Division.
Meredith Re-launches Figure
Meredith Corporation’s Integrated Marketing division has re-launched Figure magazine with its July/August issue. Now in its fourth year of publication, the new version of the magazine includes new design, editorial tone and departments that target the interests of plus-size women. Meredith based the new version of the magazine on reader feedback from surveys and focus groups. BJ Towe will serve as the publication’s new editor.