Dowden eyes sale to Lebhar-Friedman

Medical Marketing and Media, Mar 2005

DOWDEN HEALTH Media, publisher of The Journal of Family Practice and Current Psychiatry, was deep into negotiations last month aimed at selling the company to Lebhar-Friedman, a New-York based b-to-b publisher that also is family owned.

Carroll Dowden, founder of Dowden in 1988, said the companies hope to finalize the negotiations - or break them off - by the end of March. No financial terms were disclosed. DeSilva & Phillips represents Dowden Health Media in the deal.

"The concept is that we would retain our identity and operate as a subsidiary in Montvale, N.J., with the current management," Dowden told MM&M. Dowden also noted that he did "not put the company up for sale," but rather has been involved in negotiations solely with Lebhar-Friedman and its president. Roger Friedman. "He's a friend; I've known him a long time," Dowden said of Roger Friedman. Both executives have served as chairman of American Business Media, and the negotiations have been in progress for "a while." Dowden said.

All senior Dowden managers would remain in place for a minimum of five years. Carroll Dowden would hold the title president and chief executive of Dowden Health.

Roger Friedman could not be reached to comment on the negotiations. Lebhar-Friedman, an $80 million company, publishes Drug Store News and Nation's Restaurant News.

"The goal is to continue to grow the business," Dowden noted. He said the company has averaged 20 percent growth for the last five years, "and our prospects for the future show similar growth. Roger is in tune with this." Among recent projects, Dowden in November launched New York Spaces, a title dedicated to interior design, which drew 60-plus ad pages and newsstand distribution with the first issue.

According to reports, Dowden projects revenues of $37 million for 2005. Dowden told Folio magazine that liquidity for his family and another key investor - Lewis A. Miller - is the reason behind the sale. Overall, Dowden publishes five journals and four consumer titles.