Manhattan Media hits the block

Manhattan Media, publisher of local weeklies Our Town and The West Side Spirit whose CEO Tom Allon is running for mayor, is on the block, according to two people with knowledge of the situation. Since its founding 11 years ago by Mr. Allon and Richard Burns, managing partner of Isis Venture Partners, the company has grown to become New York City's largest independent owner of community publications. Its portfolio extends from the glossy society monthly, Avenue, to Dan's Papers in the Hamptons, and includes the Blackboard Awards for Teachers and the Antiques, Art & Design show at the Armory. According to sources, Manhattan Media's private-equity owners, led by Mr. Burns, are looking to sell the New York business in order to concentrate on their fast-growing Latin Trade Group properties, which are part of Isis's Miami Media, based in Miami. Reached by phone on Tuesday, Mr. Burns said that he had been approached and was in "conversation" with potential buyers, two in particular, who might be interested in parts of the New York business. He added that Manhattan Media was stable and under no pressure to sell, and that Dan's Papers was not among the properties being considered. "The conversations we've had are kind of formal, and folks have seen numbers," he said. "To the extent that they've seen numbers, I guess that puts [the properties] on the block." Mr. Burns, who is chairman of Manhattan Media, insisted that all parts of the company were profitable, but that "some... Continue reading at 'Crains New York'

[ Crains New York | 2012-09-12 00:00:00 UTC ]
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