The deal comes about two weeks after ALM bought Kennedy Consulting & Research and is another notch in the company's stated intent to expand into new markets via acquisitions—a strategic plan unveiled following Wasserstein & Co.'s purchase of ALM from Apax Partners last June for US$417m.
The Summit deal is valued at $40m, says a source with knowledge of the transaction.
Under CEO Steve Weitzner, the company was rebranded to Summit Professional Networks from Summit Business Media in August 2013, which coincided with a reorg under its three primary markets.
"The acquisition of Summit Professional Networks represents the next major step in ALM's growth strategy, expanding our reach into new strategic markets," says ALM CEO Bill Carter in a statement.
We recently launched the new FIPP.com (in beta, while doing live testing and refinements). The relaunch is not only about look and feel, but even more so about us providing a platform to further enable the sharing of ideas, insights and opinions within our global network. If you have a story to tell, or are interested in contributing to FIPP.com on a regular basis, get in touch with our communications manager, Amy Duffin.
Time Out Group announced that it has signed a lease agreement for a new Time Out Market in Boston, Massachusetts, with the benefit of planning for the site already secured.3rd Oct 2017 Industry News
TheExcursionist.com and The Excursionist magazine aim to help customers inspire their next holiday.2nd Oct 2017 Industry News
Samuel Irving “Si” Newhouse, Jr., joined Condé Nast in 1961 after it had been acquired by his father, Samuel I. Newhouse in 1959. He served as chairman of Condé Nast beginning in 1975.2nd Oct 2017 Industry News
Today, MPA – The US Association of Magazine Media released the latest Magazine Media 360° Brand Audience Report. Total audience for August 2017 continues to hold steady compared to last year, with similar trends from recent months, most notably growth in print plus digital and video audiences. The report covers 127 magazine brands across 30 companies.28th Sep 2017 Industry News
Magazines are a shortcut to quality and continues to deliver top results for advertisers, according to Linda Thomas Brooks, CEO at MPA, USA, said during a keynote on the second day of the FIPP World Congress in London (11 October) last week.16th Oct 2017 Features
“No other industry predicted its own doom as much as print media. The magazine is not dying, but it may be killing itself.”10th Oct 2017 Features
“Smart repackaging” and "content swarming" are the main ways that Hearst UK’s titles are trying to reach a greater audience - and it’s working, according to Betsy Fast. Betsy, who recently moved from Hearst US to become Executive Director of Digital Editorial Strategy at Hearst UK, shared her insights from the stage on day two of the 41st FIPP World Congress (11 October).13th Oct 2017 Features
Ralph Büchi, Chief Operating Officer (COO) of the Ringier Group and CEO of Ringier Axel Springer Switzerland, has been elected as the new Chairman of FIPP – the network for global media. The chairmanship of the international magazine media association was passed to Büchi after Erwin Fidelis Reisch, president & CEO of Alfons W. Gentner Verlag completed his term as FIPP chairman.11th Oct 2017 FIPP News
We are at the 41st FIPP World Congress, taking place from 9-11 October. If you were unable to make it to London, here are some ways you can follow news from there.8th Oct 2017 FIPP News
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