Worcester Publishing Ltd. to sell three biz pubs
Worcester Publishing Ltd., principally owned by Allen W. Fletcher, will sell its three business magazines - Worcester Business Journal, Hartford Business Journal and Mainebiz - to a new company being formed by two of its long-time senior managers, Peter Stanton and Joe Zwiebel. The sale is expected to close as of March 31, 2007. Worcester Publishing will continue to publish Worcester Magazine.
The new company will be called New England Business Media LLC. Stanton will serve as CEO, and Zwiebel will serve as executive vice president and group publisher. The parties have been working to complete the transaction since late last fall.
"This enables me to focus on a single publication," said Fletcher. "I am deeply pleased to be able to pass the business journals on to Peter and Joe, who have been involved in them for all of our 17 years. They are fine publications, and they will be in good hands."
In a joint statement, Stanton and Zwiebel said: "We could not be more excited about the opportunity at the business publications to take them to another level. We have a great team already doing many things well, and yet there are significant opportunities and synergies for us to grow, prosper and work more effectively together in the future."
Worcester Publishing Ltd. was established in 1990 with the launch of the bi-weekly Worcester Business Journal and the monthly Inside Worcester. It started the Hartford Business Journal - first bi-weekly, now weekly - in 1992, with Zwiebel as founding publisher. It purchased Worcester Magazine in 1993 and Mainebiz - then monthly, now bi-weekly - in 1998. It also started the monthly Pulse magazine, which is now published independently by Pagio Inc.
Financial terms of the deal were not disclosed.
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