American Community Newspapers Announces the Formation of New Central Ohio Cluster With the Acquisition of Certain Assets of CM Media, Inc.
Columbus, OH and Dallas, TX May 1, 2007 – American Community Newspapers LLC today announced that it has purchased the publishing and printing assets of CM Media, Inc. The transaction includes Columbus Monthly, The Other Paper (an alternative news and entertainment weekly), Suburban News Publications (a group of 22 community weekly newspapers), Columbus C.E.O. (a monthly business magazine) and Columbus Bride (a twice annual bridal resource and tradeshow), as well as CM Printing and Columbus Custom Publishing. Combined and non duplicated circulation for the group is approximately 410,000 households.
These publications serve the Columbus and Central Ohio communities located within the nation’s 32nd largest MSA comprised of Franklin, Delaware, Union, Fairfield, Madison, Licking and Pickaway Counties.
In announcing the acquisition, Gene M. Carr, Chief Executive Officer of American Community Newspapers stated “The publications of CM Media are well established, landmark newspapers and magazines that have proudly served the metropolitan community of Columbus and the surrounding area since 1975. These publications will serve as the base of our new Columbus / Central Ohio newspaper group which we plan on rapidly expanding through acquisitions and new product launches. The Columbus market is similar to our other suburban markets in standing out in a series of indicators, including household income, household growth, schools and general leading edge, growth oriented communities. All of these publications boast strong readership, a highly competent staff and a dominant market position. Max and Lenore Brown and their management team have done an outstanding job with these publications and have built this group with quality community journalism. We are very excited about owning these publications and their future prospects. This acquisition furthers our suburban strategy to acquire strong, community newspaper franchises in Top 50 U.S. markets and build value.”
“We want to thank the hundreds of talented people who have worked with us over the years, beginning with Columbus Monthly in 1975 and continuing now for more than three decades,” said CM Media President Max Brown.
“Our decision to sell the company was a difficult one, but we believe that Gene and American Community Newspapers will continue our tradition of providing Central Ohio with quality journalism. We wish them much success in the future as they take this group to the next level.”
W.B. Grimes & Company served as financial advisor to American Community Newspapers LLC in this transaction.
About American Community Newspapers
American Community Newspapers is a group of 3 daily and 84 weekly newspapers and 13 niche publications which reaches approximately 1.4 million households. The Company’s core operations consist of a 44 publication, clustered newspaper group located in and around the Minneapolis – St. Paul area. The other principal publication areas are the Dallas, Northern Virginia and Columbus suburban metropolitan areas. ACN intends to launch new newspapers in all four existing metro areas in which it operates, to acquire other suburban newspapers in each market and to acquire or build similar suburban newspaper groups in other Top 50 markets in the United States.