New majority owner of Washington biz magazine

A Seattle developer has become the majority investor in Washington CEO magazine and will pump money intgo the publication in the coming months, according to a story in the Seattle Post-Intelligencer.

The developer is Dave Sabey. P-I reporter Brad Wong wrote, “Spokesman Jim Kneeland said the Sabey Corp. president gained the majority of shares in recent months, partly because he believes there is no ‘strong voice covering business in an aggressive way.’

“The move marks Sabey’s first major foray into Seattle-area journalism.”

“‘He is very bullish on the future of this region,’ Kneeland said. ‘He’s looking at it as an opportunity to use the publication to promote the region and business opportunities.’

“Kneeland declined to give the transaction’s financial details, saying CEO Media Corp., parent company of the 28,500-circulation magazine, is privately owned.

“But Sabey has hired Bob Ritter, a former publisher of The Olympian and Gannett News Service executive, as publisher.

“Ritter said the Washington-focused magazine will pursue ‘gutsy reporting’ in technology, trade, environment, real estate, government and innovation, and will beef up its Web presence.”

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