Mag Bag: More Private Equity Moves In Mag World
It's also a reminder that private equity is moving on media holdings up and down the price ladder, including many smaller deals that don't get big headlines.
The Prism deal will give both firms 50% ownership in Prism, as well as Penton Media, which Prism is currently in the process of acquiring. Prism's holdings include 71 magazines, 170 e-newsletters, 17 industry trade shows, and over 500 "rich data" products. Penton produces market-focused magazines, trade shows, conferences and online media.
Wasserstein & Co. already had additional private-equity backing from Highfields Capital Management and Lexington Partners. MidOcean Partners is actually the fourth private-equity firm to become involved in the purchase.
Tyler Zachem, a managing director at MidOcean Partners, said that "MidOcean and Wasserstein share a belief in the future and potential of vertical business media," adding that "the combination of Prism and Penton creates a powerful brand in business-to-business communications." Prism's acquisition of Penton should wrap up some time in the first half of 2007.
Atlantic Monthly Does Top 100 Americans List Taking a page from the likes of Rolling Stone and Time, The Atlantic Monthly is celebrating its 150th year of publishing with its own Top 100 list--in this case, the 100 Most Influential Americans, as chosen by a learned quorum of historians and authors. What's more, after the publication of the list in the December issue, the highbrow intellectual journal will allow readers to submit their own lists of influential Americans online. They can also vote for famous Americans excluded by the Atlantic list. The results of these reactions will be published in the magazine's January-February issue. It's still unclear whether the Most Influential American will receive a record deal or an all-expenses-paid cruise vacation.
Bird Talk Magazine Nests on Web
Bird enthusiasts can now find thousands of articles about pet birds online at the new Web site of Bird Talk magazine, launched this week. The online portal covers the same basic content at the magazine, including choosing, caring for and living with pet birds. There is also an online social-networking function, the Bird eClub, which allows owners to create Web pages for their birds, post photos, download bird ringtones, and chat with other members.