New York—Former Cygnus Publishing President Richard Reiff Wednesday announced he has acquired Reed Business Information’s New Products division and formed a new media company called Advantage Business Media.
Financial terms of the deal were not disclosed.
Reiff is CEO of the new company, and former Cygnus VP-group publisher George Fox is president. They are being bankrolled by New York private equity firm Catalyst Investors.
The new products division includes BioScience Technology, CED, Chem.info, Drug Discovery & Development, ECN, EITD (Electronic Industry Telephone Directory), Food Manufacturing, Genomics & Proteomics, Industrial Maintenance & Plant Operation, Laboratory Equipment, Manufacturing.net, Medial Design Technology, Pharmaceutical Processing, Product Design & Development, R&D Research & Development, ReedLink (an online search vehicle, which will be rebranded) Scientific Computing, Surgical Products, Wireless Design & Development and Wireless Week. The division, which has a total circulation of 1.3 million, has revenue “north of $50 million,” Reiff said.
“We’re in an acquisitive mode and will be working to grow top-line revenue,” Reiff told BtoB, adding that he has no plans to divest any of the newly acquired properties. He foresees revenue breaking down eventually between 70% print and 30% online. “Reed has done a great job, [but] we have a lot of work to do with creating new online designs.”