Commonwealth Business Media Buys Journal Of Commerce Group

Posted on August 23, 2001

The Economist Group and Commonwealth Business Media, Inc. announced the signing of an agreement for Commonwealth Business Media to purchase the assets of the Journal of Commerce Group. Terms of the agreement were not disclosed, but the transaction is expected to close at the end of September 2001.

The Journal of Commerce Group is a supplier of information to the trade and transportation industries in the US and internationally. Its activities include magazine and database publishing with associated web sites and directories. This distinguished brand is represented by JoC Week magazine, joc.com, the PIERS database and directories business, and Traffic World, Air Cargo World, Florida Shipper, Gulf Shipper and Shipping Digest magazines. The business will continue to have its headquarters in Newark, New Jersey.

Helen Alexander, Chief Executive of The Economist Group, said: ``The Journal of Commerce is the leading brand with a strong position in its market developed through the quality of its information and the expertise of its staff. However, as we focus our resources on developing global media brands for an international audience, it is no longer a strategic fit for The Economist Group. So we are delighted that the Journal of Commerce Group will find a good home with Commonwealth, an organization that understands this market and is committed to continue to build on the strengths of the business.''

Commonwealth Business Media was formed last October in a management-led buy-out of Primedia Information, Inc. It is a provider of information to the international trade and transportation market, as well as the performing arts and commercial credit industries.

Alan Glass, Chairman, President and Chief Executive of Commonwealth Business Media, said: ``I am delighted that the Journal of Commerce Group is our first acquisition since the formation of Commonwealth last October. It fits perfectly with our strategy of being a global leader in the international trade and transportation markets. The complement with Pacific Shipper and Canadian Sailings is ideal and with the acquisition of the PIERS database business, we will move much faster towards providing database solutions to the market as well. I am personally looking forward to working with the company's President, Bill Ralph and his team as we continue to lead in this area.''