Crain is selling InvestmentNews for $27.1 million
Crain Communications publication InvestmentNews is being sold to London-based Vitesse Media plc for approximately $27.1 million, according to a story on its website.
The story states, “Vitesse, which is publicly traded on the London Stock Exchange’s AIM market, has entered into an agreement to acquire InvestmentNews from its parent, Crain Communications Inc., for approximately $27.1 million. The deal is expected to close mid-August.
“The impending sale was announced early Tuesday to InvestmentNews’ 42-member team.
“As part of the deal, InvestmentNews’ leadership team will remain intact — as will its award-winning editorial, multimedia, audience, custom, research & data, marketing, sales and event divisions.
“‘We are looking forward to the future and the many growth opportunities that lie ahead of us with Vitesse as our new owner,’ said Suzanne Siracuse, the publisher of InvestmentNews. ‘We are thankful for all the support that Crain has given us over the years.'”
Read more here.