Newspaper publisher Media General has sold Virginia Business magazine to Virginia Business Publications, a newly-formed investment group that includes Bernard A. Niemeier, the magazine’s president and publisher.
“We are delighted to be able to acquire a strong, long-standing, statewide brand that is the best in its category,” Niemeier wrote in a note posted to the magazine’s Web site. “The reputation of Virginia Business is excellent, and the quality of the executive audience it reaches is unsurpassed in the marketplace.”
Financial terms of the deal were not disclosed.
"It doesn’t surprise me that the management would want to acquire it, but I am surprised that Media General would let it go,” Regional Media Advisors president Kim Mac Leod told FOLIO:. “Business publications—either journals or magazines, which this one was—often have shared advertisers with newspapers, so there is synergy and leverage that can advantage both the business publication and the newspaper."
Launched in 1986, Virginia Business carries a monthly circulation of 27,500. According to Niemeier, all of the magazine’s full-time employees will remain with the magazine.
Based in Richmond, Virginia, Media General operates 18 network-affiliated television stations, and publishes more than 200 publications, including 21 daily newspapers and specialty niche titles. During the second quarter, Media General reported a net income of $20.6 million, compared to a net loss of $532.2 million during the same period last year.