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Ascend Media buys Atwood, GEM

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New York--Ascend Media, which was launched last August, announced it has made its first two acquisitions.

Ascend said Tuesday that it bought Atwood Publishing, a publisher for trade industry associations, and GEM Communications, which publishes magazines and produces conferences and exhibitions for the gaming industry. Financial terms were not disclosed.

“Financially, they have performed remarkably well, showing substantial growth in a difficult business-to-business media economy,” said Cameron Bishop, Ascend Media’s president-CEO, in a statement.

JP Morgan Partners, the private equity arm of J.P. Morgan Chase & Co., is backing Ascend Media with a minimum of $50 million in equity capital.

Veronis Suhler Stevenson, which sold Atwood and GEM, will invest alongside JPMP and maintain an equity interest in Ascend Media as part of the deal.

--Sean Callahan

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