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The Wicks Group of Companies LLC aquires the magazine and this forum!!


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Here's Wicks' (as opposed to CMP's) press release in its entirety:

 

The Wicks Group of Companies, L.L.C. Acquires Assets from CMP Entertainment Media, Inc., CMP Media LLC and UEMedia Community Sites, Inc.

 

 

NEW YORK, Sept. 14 -- The Wicks Group of Companies, L.L.C. (the "Wicks Group"), a New York-based private equity firm, today announced that it has acquired, through its affiliate NewBay Media LLC ("NewBay"), certain assets of CMP Entertainment Media, Inc., CMP Media LLC and UEMedia Community Sites, Inc., serving professional and enthusiast musicians, recording professionals, sound engineers, audio and video systems installers and technology educators. The Company's assets consist of 14 magazines, eight events, numerous supplements and newsletters, custom products, and over 20 rapidly growing online properties. Major business-to-consumer titles acquired include Guitar Player, Bass Player, and Keyboard magazines; business-to-business titles include Pro Sound News, Systems Contractor News, Residential Systems, Videography, Government Video, DV, Technology & Learning and Television Broadcast magazines. Terms of the transaction were not disclosed.

Tony Keefe, the current CEO of the business, will continue in this role at NewBay. Mr. Keefe has more than 20 years of experience in the magazine publishing industry, having spent the past eight years in various positions with United Business Media, parent company of CMP.

"I'm excited to be a part of this new partnership with Wicks," said Mr. Keefe. "We plan to make significant investments in the business to further strengthen our market-leading products and brands and to continue to build value for our customers. Our business is full of talented people and we will all be working together to maximize the potential of our multimedia platform."

Jamie Weston, Partner at the Wicks Group, said that "NewBay has been formed to pursue a strategy of acquiring and developing information products in the entertainment and entertainment technology sectors. The acquired assets constitute a significant foundation on which to build a leading media company serving musicians and sound and video professionals and their related fields. We look forward to working with Tony and his team to explore additional ways of growing the value of this franchise."

The Wicks Group of Companies, L.L.C. (http://www.wicksgroup.com ) manages private equity funds that invest in selected segments of the communications, information and media industries. These funds currently own or have owned companies in educational publishing, consumer publishing, medical information services, community newspapers, radio broadcasting, television broadcasting, magazine publishing, outdoor advertising, newsletter publishing, and cable television distribution.

United Business Media (http://www.unitedbusinessmedia.com ) is an international media and business information company. UBM operates in two principal areas of business activity: PR Newswire, a global leader in news distribution; and CMP & Commonwealth, bringing business-to-business buyers and sellers together through events, publications, online media and business information.

The Jordan, Edmiston Group, Inc. acted as financial advisors to United Business Media in connection with the sale.

Stephen Fortner

Principal, Fortner Media

Senior Editor, Music Player Network

Former Editor in Chief, Keyboard Magazine

Digital Piano Consultant, Piano Buyer Magazine

 

Industry affiliations: Antares, Arturia, Giles Communications, MS Media, Polyverse

 

 

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As for what all this means, the answer is that none of us rank-and-file really know yet. In general, ownership by a private equity firm is not a bad thing at all for magazines. Equity investors tend to be more concerned with long- and medium-term growth and with building value into a business so they can sell it at a substantial profit a few years down the road. By contrast, publicly traded companies have the quarterly earnings whip cracking all the time, Though CMP was only minimally traded in the US, they were closer to that model.

 

So we're hoping our new owners will be more bullish than the CMP/United bears. I'd also like to let everyone know that there are NO plans to change us or merge us into another business unit. Fun fact, though: the Wicks Group does own "Vibe" magazine too.

 

NewBay wouldn't have been my first choice for a name, but I suppose it had to be something neutral enough to encompass all the different kinds of mags that got sold. I would have preferred:

 

"Old Bay. The most seasoned pros in the business." :D

Stephen Fortner

Principal, Fortner Media

Senior Editor, Music Player Network

Former Editor in Chief, Keyboard Magazine

Digital Piano Consultant, Piano Buyer Magazine

 

Industry affiliations: Antares, Arturia, Giles Communications, MS Media, Polyverse

 

 

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I hope this means nothing but good things for Keyboard and the other mags that go with it. I've really been enjoying Keyboard lately and would hate to see that change (unless it got even better, of course)! :thu:

"I'm so crazy, I don't know this is impossible! Hoo hoo!" - Daffy Duck

 

"The good news is that once you start piano you never have to worry about getting laid again. More time to practice!" - MOI

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Originally posted by Joe Muscara:

I hope this means nothing but good things for Keyboard and the other mags that go with it. I've really been enjoying Keyboard lately and would hate to see that change (unless it got even better, of course)! :thu:

Absolutely :thu:
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