CommerceConnect agrees to buy Cygnus Business Media

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Backed by private equity fund ABRY Partners L.L.C., CommerceConnect Media announced Tuesday that it has agreed to acquire Cygnus Business Media for $275 million. Cygnus' more than 140 properties include 48 trade magazines, 16 trade shows, 17 custom publications and 60 Web sites. CommerceConnect Media, which was formed last year, is led by CEO Paul Mackler, who was previously president of Reed Exhibition Cos. CommerceConnect plans to use Cygnus, which will keep the same name, in part as a media platform to create vertical market online auctions and pursue other e-commerce opportunities.
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