Washington Post reporter Frank Ahrens wrote that the company has agreed to sell its portfolio of business-to-business magazines to a California-based company for an undisclosed amount.
“‘Unfortunately, we could never seem to make the business work,’ said John B. Morse, The Post Co.’s chief financial officer. All of The Post Co.’s other media assets are consumer-oriented.
“The company acquired the magazines in the 1990s at the height of the Internet boom in a bid to aggregate readership and advertising dollars in the Washington technology community. Although the magazines performed relatively well, Morse said, they were not growing and recently have experienced advertising slumps. The company wrote down their value by $9.9 million in its most recent earnings report.”
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