Briefings Publishing Group finally acquired--by Wicks Business Information.

Pearson's sale of the publishing company of the popular Communication Briefings had been rumored for months (NL/NL 4/99 & 6/99), and it became a reality on July 28 with the signing of a definitive agreement by an affiliate of The Wicks Group of Companies LLC, of New York City. Briefings Publishing Group will become part of Wicks Business Information, a Norwalk, Conn.-based company which operates in the business-to-business information services market.

Briefings Group, which is said to have revenues of about $8 million last year, was reportedly sold for between $10 and $11 million.

Three well-known, business-to-business newsletter publishers were also serious bidders for the Briefings Group. It was reported that Mark Ragan of Lawrence Ragan Communications Inc. in Chicago, Ed Satell of Progressive Business Publications in Malvern, Penn., and Allie Ash of Newsletter Holdings LLC in McLean, Virginia, all submitted bids--but in the much lower range of $6 to $7 million.

Wicks CFO Ken Fisher described the purchase as their "platform acquisition." He said the firm will announce another purchase shortly and that Wicks is in "an aggressive acquisition" mode. The firm's strategy is to focus on three major media markets: newsletters, magazines, and conferences and trade shows. Fisher and CEO Douglas J. Manoni had previously been executives at Cowles Business Media.

Manoni said Wicks was "very pleased to acquire this strong, well-recognized brand along with an excellent staff and an outstanding array of products. This organization will serve as a strong platform as we expand the product line and revenue base of the Briefings Publishing Group in the months and years ahead."

One industry observer said that Communications Briefings was a solid, profitable publication. but the challenge for Wicks will be to expand its subscription base (currently at about 50,000) and increase revenue flow.

The Wicks Group of Companies was termed by one industry insider as a "private equity fund" which has been primarily focused in the broadcasting and book publishing field. One of its affiliates--Independent Media Group--publishes daily and weekly newspapers and shoppers throughout Michigan, Wisconsin and Nebraska.

The acquisition marks the Last step in Capitol Publications' dismantling, which its owner, Pearson Publications, started in late 1997. Pearson has sold off more than 50 newsletters and several different divisions.

The Jordan, Edmiston Group Inc., a New York City investment bank, represented Pearson in this latest transaction.

Briefings executive editor Joe McGavin says the staff was assured that they will remain in place, although publisher Richard Gibbons has left the company. Along with Communication Briefings, the group publishes The Competitive Advantage, Managers Edge, and Team Management Review.