Markets Media CEO Mohan Virdee would not comment on the terms of the deal or whether any staffers will be laid off but said more details will be released in the upcoming weeks.
This acquisition gives Markets Media a total unique audience of 135,000 — 120,000 digital readers and 15,000 print readers — according to a press release.
“Traders has got a very good brand. It’s got a very good following, especially the industry in North America,” Virdee tells Folio:. “Markets Media has a very good footprint which will be complimentary, but we also bring Europe into play…We publish very good content for the trading and investing community, and we do that on a daily basis.”
Markets Media covers institutional trading and investing in North America and Europe. Founded in 2007, it publishes Markets Media in print and online, in addition to events such as Global Markets Summit, Summer Trading Network, and Markets Choice Awards.
This acquisition comes as Markets Media undergoes a digital overhaul. Virdee tells Folio: the company will spend the summer redesigning its existing digital platform, increasing the website’s functionality and “pursuing an aggressive mobile and social media strategy.”
Traders Magazine is a 30-year-old brand covering North American institutional markets that caters to a buy-side audience. According to the Traders media kit, the magazine had a print audience of 15,100 in October 2015, with an additional 37,127 readers online and via the brand’s newsletter.
What Traders Magazine will look like next year, however, is anyone’s question.
Traders Magazine will either receive a similar overhaul as Markets Media or the brands will merge. The fate of the monthly print magazine is still undecided, and it’s possible that next week's July/August 2016 issue is its last.
The seller, SourceMedia, is a business-to-business digital media company with properties covering finance, technology and healthcare. It was acquired by Observer Capital in August 2014. SourceMedia did not respond to a request for comments.