American City Business Journals acquires local news sites for young professionals

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Charlotte, N.C.—American City Business Journals, which publishes weekly business journals in 40 cities and operates more than 45 business news websites, has acquired Boston-based Streetwise Media. Streetwise operates two websites targeting young business professionals, in Boston and in Washington, D.C. The sites focus on local news about business, innovation and technology, education, politics and lifestyles. Financial terms of the deal were not disclosed. “Streetwise has attracted a very loyal and robust audience that is different from but complementary to what we do at our business journals in Boston, Washington and elsewhere,” Whitney Shaw, president-CEO of ACBJ, said in a release. “Many of the things we experienced building American City have a direct application to their efforts.” The company will remain in Boston with Streetwise founders Chase Garbarino and Kevin McCarthy continuing as CEO and chief technology officer, respectively. ACBJ is a unit of Advance Publications, which also owns Condé Nast Magazines, Parade magazine, Fairchild Publications, the Golf Digest companies, Newhouse Newspapers and cable television interests.
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