Stern Publishing Offers Alternative Newspapers for Sale
Posted on September 22, 1999Stern Publishing, an alternative newspaper company in the country, has announced that it is seeking the sale of all of the company's weekly newspapers, and has engaged the investment banking firm of Veronis Suhler & Associates as its financial advisor. Stern Publishing consists of seven free weekly newspapers, including New York City's The Village Voice and Los Angeles' LA Weekly as well as papers in Seattle, Minneapolis-St. Paul, Orange County, CA, Cleveland, and Long Island, NY, with a combined total circulation of over 890,000. The company employs more than 500 people nationwide and has revenues over $80 million. Stern Publishing is owned by Leonard Stern.
Leonard Stern said, "Since purchasing The Village Voice from Rupert Murdoch fourteen years ago, publishing has been a wonderful and creative business experience for me. In that time, we have grown from a single publication to become the preeminent alternative newspaper company in the country, with seven highly recognizable brand name publications, each of which is the #1 alternative newspaper, with growing circulation, in its respective market. I am extremely proud of this company, and confident of its future potential. However, after consulting with my children and discussing their future career plans, I have decided to sell our publishing interests."
All Stern weeklies are in tabloid format and distributed free in their local markets, covering everything from local politics to crime and corruption, lifestyle, arts, and entertainment. Each publication is run locally, with its own editorial, advertising, production and distribution staffs. Each Stern publication maintains an active website. The Publications include: The Village Voice, The LA Weekly, The OC Weekly, City Pages, The Cleveland Free Times, and The Long Island Voice.