NEW YORK: NewBay Media LLC has acquired a TV trade triad from Reed Business Information that includes Broadcasting & Cable, MultichannelNews, and This Week in Consumer Electronics otherwise known as “TWICE.” The purchase price was not disclosed.
Each title will continue to be published in NewBay’s line of print, online, and in-person products and services. NewBay’s other titles in the TV trade sector include Television Broadcast, TV Technology, Videography, DV Magazine, Radio World, Residential Systems and others. The addition of these three brands extends NewBay Media’s reach in the broadcast television and consumer electronics markets.
Broadcasting & Cable for many years stood as the periodical of record for the broadcast industry. It was started in 1931 under the single moniker “Broadcasting,” and focused on the radio market. It later covered broadcast and then cable TV. Multichannel News focuses on programming, marketing, finance, and more for the cable and telecom industries. TWICE is a business trade for consumer electronics retailers.
“We’re truly excited to have the opportunity to work with this talented team and to have these market-leading brands join the NewBay family,” states Steve Palm, CEO, NewBay Media. “This acquisition further demonstrates NewBay’s commitment to our goal of delivering value to our advertisers, readers, and partners in these critical markets. With this acquisition, NewBay adds significant depth and breadth to its existing portfolio of broadcast properties.”
Reed Elseveer, parent company of Reed Business Information, first put the 80-magazine unit up for sale in February, 2008. Initial bids were reported to be around $2 billion, but fell to half that toward the end of 2008, according to Folio Magazine. Reed continues to retain control of the Variety franchise.
“We are pleased that our valuable brands have found a great new home with NewBay Media,” Reed Business Information-US CEO John Poulin said. “We’re certain that these titles will thrive under Steve Palm’s capable and experienced management team. We wish them much success ahead.”
Reed Business Information-US and its parent company, Reed
Elsevier, were represented by The Jordan, Edmiston Group, Inc., a
New York City-based investment bank that specializes in media,
information, marketing services and related technologies.
