Shulman Media Purchases Assets of Poker Digest

Posted on July 5, 2002

Casino Journal Publishing Group (CJPG) announced that they reached an agreement with Shulman Media, LLC, owners of Card Player magazine for Shulman to acquire certain assets of Poker Digest magazine from CJPG. Under the agreement Shulman Media's CardPlayer will purchase certain assets of Poker Digest. CJPG has published the last issue of Poker Digest magazine, Issue #15 which is scheduled to be distributed to poker card rooms and subscribers the week of July 1, 2002 and will then turn over the magazine and other assets to Shulman Media.

The negotiations and decision to sell the Poker Digest magazine assets to Shulman Media was made by Casino Journal Publishing Group's management, headed by Chairman and CEO Glenn Fine and President/CFO Alan Woinski with the support of the board of directors. As a publicly traded company, Casino Journal Publishing Group decided it was in the shareholders best interest to conduct this transaction so that they could devote more of their time and resources to the company's more profitable publications, Casino Player and Strictly Slots magazine as well as the continued operations of Classic Poker Cruises through the company's Classic Poker Cruises division.

Commenting on the transaction, Chairman and CEO Glenn Fine said, "The decision to reach this agreement with Shulman Media was due to the culmination of many different events. The lingering effects on the publishing industry from the economy and the events of September 11th, furthered our belief that the Poker market was not big enough to sustain two profitable magazines. We felt it no longer made good business sense to continue the enormous effort of producing Poker Digest every two weeks, with minimal profit to show for our efforts. We thank all the wonderful companies that supported and advertised in Poker Digest over the years. We hope to continue to remain in contact through relationships formed from our continued operation of Poker Cruises around the world. And we've saved the best for last, as the final issue of Poker Digest features a cover interview with one of America's most successful and controversial entrepreneurs, Mr. Larry Flynt, owner of the highly successful and elegant Hustler Casino."