Connecticut’s Winsted Citizen saved, bought by American Business Media

The following excerpt was sent out from ctnewsjunkie.com:

American Business Media LLC, a national magazine publisher based in Simsbury, purchased the Winsted Citizen last week, saving the cash-strapped monthly newspaper from a previously announced closure.

The acquisition, announced by the publisher’s CEO Vincent Valvo in a press release, came less than a week after news that the paper’s non-profit owner, the Connecticut News Consortium, had voted to cease operations due to financial troubles.

“There were news reports earlier this week that the publication is closing. That is not true,” Jedd Gould, a board member and spokesperson for the group, said. “We are very pleased that the work of the Consortium on this publication and all of those involved in creating and producing the Winsted Citizen will continue under new ownership.”

The change in ownership comes near the end of a rocky first year for the nascent paper, which was founded by editor Andy Thibault with funding from Ralph Nader, a consumer advocate and former presidential candidate.

American Business Media publishes seven national and regional magazines like National Mortgage Professional Magazine and Banking Northeast. In a press release, Valvo said he believed in the mission of community journalism and had been cheering the Winsted Citizen since its founding.

Terms of the transaction were not disclosed and Valvo said the paper’s staff and production would remain unchanged with Thibault continuing to serve as a contributing editor.