Media Industry
Industry: Email Alert RSS FeedAdvance buys ACBJ
Folio: The Magazine for Magazine Management, Sept 1, 1995
CEO and chairman Ray Shaw has sold American City Business Journals to Advance Publications. Advance will pay about $269 million ($28 per share) for ACBJ, which owns 28 weekly business newspapers, three motorsports magazines and an advertising firm. Shaw bought his majority stake in 1989 for $22.75 per share.
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Last year, ACBJ posted earnings before interest, taxes, depreciation and amortization (EBITDA) of about $20 million on revenues of about $97 million.
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