New Media Investment Group Inc. has entered into a definitive agreement to acquire Rochester Business Journal Inc., publisher of the Rochester Business Journal (RBJ).
Dirks, Van Essen & Murray, a merger and acquisition firm based in Santa Fe, New Mexico, represented New Media in the sale. Terms of the transaction were not disclosed.
For nearly three decades, the Rochester Business Journal has served as the dominant source of local business news and information. More than 72,000 area executives go to the RBJ first for coverage of the people and companies that drive economic growth in the Rochester-Finger Lakes region of New York. The RBJ’s award-winning editorial staff has been cited for excellence in reporting on health care, technology and small business.
“I am excited that New Media sees the value in what we’ve created,” said Susan Holliday, RBJ president and publisher. “They are a growing company doing many exciting and innovative things, and I believe they will be a good fit for the RBJ organization.”
RBJ will become part of BridgeTower Media, the business publication platform of New Media Investment Group. Other New Media properties in the Rochester area include the Daily Messenger in Canandaigua and the Messenger Post weeklies and Daily Record in Rochester.
New Media Chief Executive Officer Michael E. Reed said, “This acquisition marks our third B2B media acquisition in the past nine months and accelerates our expanding commitment to providing exclusive business information at a local level.”
Chief Operating Officer Kirk Davis said he had “gained a strong appreciation for what an asset the RBJ has become for the region. [Susan Holliday] has done a truly impressive job of building one of the finest regional business publications in the country.”
Added Davis: “We know the importance of being a trusted source for intelligent business reporting. We are committed to that.”