Ascend Media Announces Acquisition of Atwood Publishing and GEM Communications.Business Editors NEW YORK--(BUSINESS WIRE)--March 4, 2003 JP Morgan Partners (JPMP), the private equity arm of J.P. Morgan Chase & Co.; Veronis Suhler Stevenson; and Ascend Media today announced the acquisition of Atwood Publishing and GEM Communications. Atwood is the leading publisher for trade industry associations. GEM Communications is the world's leading publisher of magazines, conferences and exhibitions for the gaming industry. Ascend Media's formation was first announced in August of 2002. The Atwood/GEM acquisition is the company's first and will serve as its business platform company. "Ascend Media is both pleased and excited to announce the completion of this acquisition," said Cameron Bishop, Ascend Media's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Atwood/GEM is a profitable and well managed business. Financially, they have performed remarkably well, showing substantial growth in a difficult business-to-business media economy. They have experienced and proven people and a solid infrastructure that is poised and ready to absorb the kind of growth we intend to add to the business," Bishop said. About Ascend Media Ascend Media was formed and incorporated by JP Morgan, Cameron Bishop and Dan Altman in 2002. It's stated business plan is to build a diversified business-to-business media powerhouse to reach revenues in excess of $100 million. The company intends to target professional magazines and journals, conferences and trade shows, and Internet properties and databases serving the healthcare, business services and transportation industries. JPMP has committed a minimum of $50 million in equity capital to invest in Ascend Media. In conjunction with this acquisition, Veronis Suhler Stevenson, the owner of the Atwood and GEM companies, will invest alongside JPMP and maintain an equity interest in Ascend Media as part of the sales transaction. About Ascend Management Bishop, a graduate of the University of Missouri School of Journalism The Missouri School of Journalism [2] is the world’s first school of journalism. It was founded by Walter Williams on Sept. 14, 1908, on the campus of the University of Missouri–Columbia. , spent 24 years with Overland Park Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , KS-based Intertec Publishing Corp., a division of New York-based Primedia, Inc. With Intertec, Bishop served in a variety of publishing and management positions. He finished his career there as President & CEO of the company which, at that time, was a $400 million company with 100 magazines and newsletters and 1700 employees in 23 cities throughout the world. Altman, Ascend Media's Executive Vice President and CFO See Chief Financial Officer. , is a graduate of the University of Kansas' business school. He has a master's degree master's degree n. An academic degree conferred by a college or university upon those who complete at least one year of prescribed study beyond the bachelor's degree. Noun 1. in accounting. He spent six years with Intertec Publishing Corp, serving as its Executive Vice President and CFO. Prior to Intertec, Altman spent 18 years with Hallmark Cards Hallmark Cards, a privately owned American company based in Kansas City, Missouri, is the largest manufacturer of greeting cards in the United States. Approximately 50% of greeting cards sent in the United States every year are manufactured by Hallmark. in 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). , MO where he served in a variety of financial management capacities including Director of Corporate Development & Planning, Corporate Treasurer and Assistant Controller. About Atwood Publishing and GEM Communications Atwood Publishing's offices are located in Overland Park, Kansas Overland Park is the second most populous city in the U.S. state of Kansas. It is located in Johnson County, a satellite city of Kansas City, and is near Olathe, Lenexa, Prairie Village and Leawood. In 2006, the estimated population is 167,500. at 11600 College Blvd. That location will become Ascend Media's new corporate headquarters. GEM Communications is based in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , NV and will remain in that location. Atwood specializes in event related publishing conducted in partnership with leading trade associations throughout the country. Products include, Show Daily Newspapers, Directories, Exhibit Guides and Packaged Door Drops. In addition, the company publishes Expo Magazine, the leading magazine for owners and management of trade shows and exhibitions as well as Pro AV Magazine for the professional audio/video installation industry. GEM specializes in information products for owners and management throughout the worldwide gaming industry. Their leading titles include Casino Journal and International Gaming World Business (IGWB IGWB International Gaming and Wagering Business (magazine) ). Their leading exhibitions and conferences include American Gaming Summit, Southern Gaming Summit and Bingo World. About JP Morgan Partners (JPMP) JPMP, formerly Chase Capital Partners, is a global partnership with over $24 billion under management. It is a leading provider of private equity and has closed over 1,000 individual transactions since its inception in 1984. JPMP has more than 140 investment professionals in eight offices throughout the world. JP Morgan Partners' primary limited partner is J.P. Morgan Chase & Co. (NYSE NYSE See: New York Stock Exchange :JPM JPM J. P. Morgan Chase & Co. (stock symbol) JPM Juan Pablo Montoya (formula 1 driver) JPM Jabatan Perdana Menteri (Malaysia) JPM Journal of Property Management ), one of the largest financial institutions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For additional information, please visit our website at www.jpmorganpartners.com. About Veronis Suhler Stevenson: Veronis Suhler Stevenson is a leading independent merchant bank dedicated to the media, communications and information industries. VS&A Communications Partners III, LP (Fund III) is the third private equity fund managed by Veronis Suhler Stevenson. Capitalized at $1 billion, it is one of the largest private equity funds dedicated exclusively to investments in the media, communications and information industries. Together with Fund III's predecessor funds, VS&A Communications Partners has invested in 29 platform companies across media segments and the realized and unrealized enterprise value of these investments total approximately $5 billion. For more information on Veronis Suhler Stevenson, please visit www.vss.com. |
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