Philadelphia Newspapers, Inc., publishers of the Philadelphia Inquirer, the Philadelphia Daily News, and Philadelphia Online, announced today that one of its subsidiaries has entered into a purchase agreement with ProMedia Management, Inc. and its affiliated companies. Those companies publish The Northeast Times, The Bucks County Midweek, and The Montgomery County Midweek. John Cribb of Bolitho-Cribb & Associates of Bozeman, Montana represented the sellers.
The acquisition gives PNI added presence in Philadelphia’s Northeast section, Bucks and Montgomery counties. Since 1934, The Northeast Times has been providing community news coverage in that section of the city, which comprises approximately 30% of the city’s population. The Bucks County Midweek and The Montgomery County Midweek provide PNI with shoppers distributed in two growing suburban areas that represent a total population in excess of one million.
The acquisition expands the array of products PNI offers to area advertisers and readers. PNI subsidiaries publish Homes & Living Magazine, Parade of Homes, Apartment Hunter, and Philly Tech magazines, and manage Apartment Solutions, an area apartment locater service.
The existing management team of ProMedia – publisher Robert Smylie, general manager Sam Kupperstein, and advertising manager Timothy Smylie will continue managing the ProMedia properties.
Bolitho-Cribb & Associates is a publishing company brokerage firm with offices in Montana, Florida, and Wyoming.