Deals and Developments: MORE DRUGS, LESS ART.

Folio: The Magazine for Magazine Management, April 1, 2004

Byline: Jeff Bercovici

Advanstar Communications continues to adjust its portfolio to strengthen its strong suits and discard properties where it does not have a shot at critical mass. Pharmaceuticals fall into the former category and art into the latter. So, in February, the company struck a deal to sell its art group (Art Business News, Framing Business News, Artexpo New York and Art Miami) to Pfingsten Publishing LLC. The Jordan, Edmiston Group represented Pfingsten, which already owns Decor magazine, four Decor Expo tradeshows and Art Expressions magazine. "Putting them together will add a little cross-pollination, and some ability for publishers, distributors and suppliers to reach other segments of the market," says Eric Smith, vice president of Pfingsten's Art & Framing Group. Advanstar quickly followed up the sale by acquiring the Institute of Validation Technology, a pharmaceutical information company, whose properties include the Journal of Validation Technology, the Journal of GXP Compliance as well as 16 training conferences.