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Economist Group sells J. of Commerce Group to Commonwealth Bus. Media.

The Economist Group (London) has signed an agreement to sell the assets of the Journal of Commerce Group (Newark, NJ) to Commonwealth Business Media (CBM; New York). Terms of the deal, expected to close by the end of September, were not given. The Economist Group was represented by Jordan, Edmiston Group (New York).

The Journal of Commerce Group is a provider of information to the trade and transportation industries in the U.S. and overseas. Its assets include magazine, directory, database and online publishing outlets, including: JoC Week, a weekly magazine for North American shippers and transportation providers; PIERS, an international market intelligence database on the movement of goods by sea; joc.com, a Web site with daily news updates and schedules; and, Traffic World, Cargo World, Florida Shipper, Gulf Shipper and Shipping Digest magazines. The Journal of Commerce Group was acquired by The Economist Group from Knight-Ridder in 1995 for $115 million.

Commonwealth Business Media was formed last October in a management-led buy-out of Primedia Information, Inc. The company publishes 15 directories for the transportation, international trade and various other markets. Directory titles include "Pacific Shipper," "Canadian Sailings," "Pocket List of Railroad Officials" and "The Forwarders List of Attorneys." Commonwealth also manages two trade shows and publishes a number of special directories for industry trade associations.

CBM president/ceo Alan Glass said that JoC "fits perfectly with our strategy of being a global leader in the trade and transportation markets. The complement with "Pacific Shipper" and "Canadian Sailings" is ideal and with the acquisition of the PIERS business, we will move much faster towards providing database solutions to the market as well."
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Title Annotation:Journal of Commerce Group, Commonwealth Business Media
Comment:Economist Group sells J. of Commerce Group to Commonwealth Bus. Media.(Journal of Commerce Group, Commonwealth Business Media)
Publication:Business Publisher
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 15, 2001
Words:273
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