By: E&P Staff
The Washington Post is selling its stable of technology magazines to 1105 Media of Chatsworth, Calif.
Terms of the deal, reported by the Post’s Frank Ahrens, were not disclosed. The transaction covers the following magazines: Government Computer News, Washington Technology, Government Leader, and Defense Systems. Also included in the sale is FOSE, an annual technology convention.
“Unfortunately, we could never seem to make the business work,” John Morse, the company’s CFO, told Ahrens.
The magazines were acquired during the Internet boom of the 1990s and at first the magazines made money. Over the years growing the publications became difficult. On its most recent earning report, The Post wrote down their value by $9.9 million, Ahrens reported.
The transaction occurred over an 18-month period when the Post expressed interest in buying a rival magazine, Federal Computer Weekly, from 101 Communications. The talks fell through. However, 1105 Media bought 101 Communications and offered to buy the Post’s stable of tech magazines.