Advance buys American City publications

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Robert Newhouse's Advance Publications beat out one other bidder to reach an agreement to acquire American City Business Journals for $268.9 million. American City owns a network of 28 weekly business publications with combined circulation of 330,000, plus three motorsports magazines and a national ad rep company. American City had net income of $5.3 million on revenue of $97.7 million last year. Advance Publications is one of the largest privately held media empires in the world, with magazines including Vogue, Vanity Fair and Glamour, as well as 22 daily newspapers. The deal is expected to close in October. Ray Shaw, the former Dow Jones & Co. president who spearheaded a takeover of American City in 1989, will remain chairman-CEO.

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