New York City-based Hearst Magazines has entered into a multiyear license agreement with Crain Communications Inc. to operate Autoweek, a brand in the Detroit-based publishing company's portfolio.
The deal is effective immediately, according to a Tuesday news release. Financial terms were not disclosed.
Under the agreement, Hearst Autos will produce the digital publication on Autoweek.com, and the website will be hosted on Hearst's proprietary content platform MediaOS. The print publication will cease. The company also said it plans to build out Autoweek's newsletters and podcasts.
Crain Communication’s holdings include Ad Age.
"Hearst is at the forefront of consumer automotive media and digital innovation," KC Crain, president and chief operating officer of Crain Communications, said in the release. "With this agreement, they will leverage their creative expertise, best-in-class technology services and innovative marketing solutions to continue the legacy of this storied brand. As Crain continues to grow its B2B footprint, we felt Hearst was a perfect fit for our only consumer brand."
Autoweek will be led by Patrick Carone, who is based in New York City as head of special projects for Hearst Autos. The addition of Autoweek adds to the Hearst Autos portfolio, which includes Car and Driver and Road & Track.
"(Autoweek) has earned the trust of auto enthusiasts and the respect of auto manufacturers through thoughtful, insightful and passionate journalism," Hearst Autos CEO Matt Sanchez said in the release. "We will continue to invest in that excellence with ambitious content, making Autoweek the most authoritative voice on the future of driving."
Kurt Nagl is a reporter for Crain’s Detroit Business