Brian Feldt of the St. Louis Business Journal writes, “American City Business Journals CEO Whitney Shaw said in an email Friday to ACBJ employees that the company had sold its remaining interest in the sports publication to Perform Group of London, a company ACBJ partnered with in 2013 to create Perform Sporting News Ltd., a joint-venture North American sports media company.
“American City acquired the Sporting News in the fall of 2006, and Perform came in as a majority partner in March 2013.
“ACBJ had owned 35 percent of the joint venture, now fully controlled by Perform.
“‘I can say without hesitation that the joint venture was a winner – we contributed an iconic U.S. brand and a knowledgeable and dedicated corps of employees and Perform brought video rights to major US sports and experience in how to monetize them,’ Shaw said in a statement.
“As part of the agreement, Shaw said Sporting News has leased the building ACBJ owns adjacent to its Charlotte headquarters at 120 W. Morehead St. ACBJ will continue to provide a number of support functions during the transition period, especially around IT, Shaw said.”
Read more here.
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