ATLANTA, Aug 27, 2010 (BUSINESS WIRE) — Dickey Publishing, Inc. (“Dickey Publishing”) today announced an agreement to acquire the assets of Modern Luxury Media, LLC (“Modern Luxury”), the country’s largest city magazine publisher. Modern Luxury publishes 26 titles in 12 major markets including: New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Washington DC and Miami. Dickey Publishing has commissioned Cumulus Media, the country’s 2nd largest radio broadcaster, to operate Modern Luxury through Cumulus’ Structured Management Services division.
Dickey Publishing has retained Macquarie Capital (USA), Inc. (“Macquarie”) as sole advisor to the transaction. Macquarie also will provide debt and equity funding for the transaction.
Dickey Publishing President and Publisher, Michael W. Dickey, commented, “Modern Luxury has an excellent position in the most significant media markets in the U.S. We look forward to working with its talented team. We are also pleased to be partnering with Macquarie, who has significant experience in the media sector. Their advice and support in this transaction will be of significant benefit to the growth of the business.”
“There has been keen interest in Modern Luxury from several interested buyers,” said Bill Cobert, CEO of Modern Luxury. “Dickey Publishing distinguished themselves in a number of respects, by placing the greatest value on Modern Luxury, our team, our brands, and each of our markets. We believe they will be a superb steward of the business going forward.”
Cumulus Media Chairman & CEO, Lew Dickey, said, “Modern Luxury has a stable of venerable publishing brands in the nation’s most desirable media markets. It will benefit greatly from Cumulus’ technology platform, operating systems and local media sales experience. This is an excellent opportunity to gain significant scale in a business in which Dickey Publishing has been operating for over a decade.”
Berkery, Noyes & Co, LLC represented Modern Luxury in the transaction.
The financial terms of the transaction were not disclosed.
About Modern Luxury
Modern Luxury is the country’s largest city magazine publisher, publishing 26 titles in 12 markets — New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Washington, DC., Miami, San Diego, Orange County and Hawaii.
About Dickey Publishing, LLC
Dickey Publishing, founded in 2000, owns three city magazines in Atlanta including JEZEBEL Magazine, Atlanta Luxury Living; TUXEDO ROAD, Atlanta’s Magazine for Men; and Atlanta Sports & Fitness, an online sports and fitness magazine for health-minded Atlantans. Dickey Publishing is wholly-owned by the Dickey family and is run by President and Publisher, Michael W. Dickey.
About Macquarie Group
Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Macquarie Capital provides capital markets, advisory and capital solutions and has deep industry expertise in focus sectors including Telecommunications, Media, Entertainment and Technology. For more information, visit www.macquarie.com.
About Cumulus Media Inc.
Cumulus Media Inc. is the second largest radio broadcaster in the United States based on station count, controlling approximately 345 radio stations in 67 U.S. media markets. In combination with its affiliate, Cumulus Media Partners, LLC, the Company is the fourth largest radio broadcast company in the United States when based on net revenues. The Company’s headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com.
SOURCE: Cumulus Media Inc.
Dickey Publishing, Inc.
Michael Dickey, 404-995-5555
or Cumulus Media Inc.
Melissa Weatherly, 404-260-6708
Copyright Business Wire 2010