Journal Community Publishing Group Agrees to Sell Its Louisiana Publishing Group to Target Media Partners
MILWAUKEE, WI, JUNE 13, 2007 - Journal Community Publishing Group, a Journal Communications Inc. company, announced today that it has signed a definitive agreement under which a Target Media Partners affiliate will acquire the assets of the Louisiana Publishing Group – consisting of three vehicle photographic publications, a general merchandise shopper and two companion websites. The parties anticipate closing the transaction as expeditiously as possible. Terms of the transaction were not disclosed.
Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm based in Santa Fe, New Mexico, represented Journal Communications Inc. in the transaction.
“We made the strategic decision to sell our Louisiana-based publishing operations to more closely focus our community newspaper and shopper clusters in areas where we either currently have, or can create, a deep media offering,” said Elizabeth (Betsy) Brenner, president and chief operating officer of Journal Communications’ publishing group. According to Dave Honan, vice president, general manager and chief financial officer of Journal Community Publishing Group, “We are grateful to our Louisiana employees for their hard work and dedication in delivering outstanding products to their advertisers and readers.”
“Target Media is delighted to welcome the entire team at News on Wheels, Steals ‘n Deals and Photo Seller, and all their readers and advertisers, to our current family of 77 publications and 40 targeted websites,” said Jim Sington, EVP of Target Media. “Each month we reach more than five million targeted readers, and we look forward to continued growth for these great newly added publications in their rebounding markets.”
Target Media Partners is a leading print and online publisher of local classified and used vehicle photo advertising, information and employment advertising for truck drivers and wholesale merchandise advertising. Target Media publishes 73 advertising publications with 38 complementary websites.
Journal Communications Inc., founded in 1882 and headquartered in Milwaukee, Wisconsin, is a diversified media company with operations in publishing, radio and television broadcasting, interactive media and printing services. The company publishes the Milwaukee Journal Sentinel and 75 community newspapers and shoppers in eight states. It owns and operates 35 radio stations and 10 television stations in 12 states. Its interactive assets include more than 75 online enterprises associated with its daily and community newspapers, television and radio stations.