Robert Newhouse's Advance Publications beat out one other bidder to reach an agreement to acquire American City Business Journals for $268.9 million. American City owns a network of 28 weekly business publications with combined circulation of 330,000, plus three motorsports magazines and a national ad rep company. American City had net income of $5.3 million on revenue of $97.7 million last year. Advance Publications is one of the largest privately held media empires in the world, with magazines including Vogue
, Vanity Fair
, as well as 22 daily newspapers. The deal is expected to close in October. Ray Shaw, the former Dow Jones & Co. president who spearheaded a takeover of American City in 1989, will remain chairman-CEO.