American City Business Journals to acquire CityMedia, Inc.CHARLOTTE, N.C.--(BUSINESS WIRE)--June 24, 1996--American City Business Journals, Inc., announced it has reached an agreement to acquire CityMedia, Inc., Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. , which publishes weekly business journals in Boston, Philadelphia, Pittsburgh, Milwaukee, Minneapolis and Sacramento. Terms of the transaction, which is expected to close this summer, weren't disclosed. Ray Shaw
CityMedia's six business journals have combined paid circulation of about 95,000 and total readership read·er·ship n. 1. The readers of a publication considered as a group. 2. Chiefly British The office of a reader at a university. , including pass-along readers, of approximately 400,000. American City's business newspapers have paid circulation of 350,000 and total readership of about 1 million, which will give the combined company a total of 445,000 subscribers and readership approaching 1.5 million. Most readers of business journals published by American City and CityMedia own or operate their own businesses, and thus represent what Mr. Shaw calls "the economic engine of growth in the '90s--the nation's small and growing businesses." He noted that CityMedia's readers have an average household income of $135,000 and an average net worth of $1,000,000, virtually identical to the demographics of readers of American City's current business weeklies. Also included in the acquisition will be a general-interest weekly newspaper in Minneapolis, a monthly Minnesota business magazine, employment newspapers in Minneapolis and Pittsburgh, and a technology newspaper in Boston. Besides its current 29 business journals, American City publishes three motorsports racing publications and five sports annuals under its Street & Smith's Sports Publishing Group. American City also owns an advertising representation company that sells national advertising for American City's business publications as well as for 34 other business journals. American City is a unit of Advance Publications, Inc. -0- Editors Note: American City's business newspapers are located in the following cities: Albany (NY), Atlanta, Austin(TX), Baltimore Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. , Buffalo, Charlotte, Cincinnati, Columbus, Dallas, Dayton, Denver, Houston, Jacksonville, Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Louisville, Miami, Orlando, Honolulu, Phoenix, Portland, Raleigh-Durham(NC), St. Louis, San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Seattle, Tampa, Washington DC and Wichita(KS). CityMedia's business journals are located in: Boston, Philadelphia, Pittsburgh, Milwaukee, Minneapolis and Sacramento. CONTACT: American City Business Journals, Inc., Charlotte Ray Shaw, 704/375-7404 |
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