Crain Communications, the parent company of brands including Advertising Age and Crain's Detroit Business, has changed its ownership structure with the buyout of longtime President Rance Crain and his family.
Crain Communications acquired Rance Crain's 50% stake in the company, giving Chairman Keith Crain, along with his wife, sons and daughter, full control of the Detroit-based publishing company.
Keith Crain and Rance Crain are brothers and the sons of founder G.D. Crain Jr.
Terms of the deal were not disclosed.
As part of the buyout, Rance Crain will step down as president, editorial director and member of the board of directors. Rance Crain's daughter, Cindi Crain, also relinquishes her position on the board, the company said in an internal email.
"My mom and dad worked right up to the end of their lives at the company, and at 78 I want to explore new opportunities," Rance Crain said in an email. "I am designating myself the family historian, and I am looking forward to exploring our legacy and the fascinating people who shaped it. I leave the company in good hands, and I wish Keith and his family continued success and prosperity."