12.01.2009 10:00 AM
NewBay Media Acquires Broadcasting & Cable, Multichannel News and Twice
NewBay Media LLC has acquired a TV trade triad from Reed Business Information that
includes Broadcasting & Cable, Multichannel News, and This Week in
Consumer Electronics otherwise known as “TWICE.” The purchase price was not disclosed.
Each title will continue to be published in NewBay’s line of print, online, and
in-person products and services. NewBay’s other titles in the TV trade sector
include Television Broadcast, TV Technology, Videography, DV Magazine, Radio World, Residential Systems and others. The addition of these
three brands extends NewBay Media’s reach in the broadcast television and
consumer electronics markets.
Broadcasting & Cable for many
years stood as the periodical of record for the broadcast industry. It was
started in 1931 under the single moniker “Broadcasting,”
and focused on the radio market. It later covered broadcast and then cable TV. Multichannel News focuses on
programming, marketing, finance, and more for the cable and telecom industries.
TWICE is a business trade for
consumer electronics retailers.
“We’re truly excited to have the opportunity to work with this talented team
and to have these market-leading brands join the NewBay family,” states Steve
Palm, CEO, NewBay Media. “This acquisition further demonstrates NewBay’s
commitment to our goal of delivering value to our advertisers, readers, and
partners in these critical markets. With this acquisition, NewBay adds
significant depth and breadth to its existing portfolio of broadcast properties.”
Reed Elseveer, parent company of Reed Business Information, first put the
80-magazine unit up for sale in February, 2008. Initial bids were reported to
be around $2 billion, but fell to half that toward the end of 2008, according
to Folio Magazine. Reed continues to
retain control of the Variety
“We are pleased that our valuable brands have found a great new home with
NewBay Media,” Reed Business Information-US CEO John Poulin said. “We’re
certain that these titles will thrive under Steve Palm’s capable and
experienced management team. We wish them much success ahead.”
Reed Business Information-US and its parent company, Reed
Elsevier, were represented by The Jordan, Edmiston Group, Inc., a
New York City-based investment bank that specializes in media,
information, marketing services and related technologies.