The New York Times Company announced today adjusted diluted earnings per share from continuing operations of $.09 in the third quarter of 2015 compared with $.03 in the third quarter of 2014. Diluted earnings per share from continuing operations was $.06 in the third quarter of 2015 compared with a loss of $.08 in the same period of 2014. Adjusted operating profit grew to $47.6 million in the third quarter of 2015 from $40.0 million in the third quarter of 2014. This increase was driven by revenue growth combined with cost reductions. Operating profit was $21.9 million in the third quarter of 2015 compared with a loss of $9.0 million in the same period of 2014.
Vance Publishing Corp. has agreed to a series of deals under which the B2B media and live event producer’s assets will be sold off and split among Farm Journal Media, Bobit Business Media, and CCI Media, the company announced today.
Under the agreements, expected to be finalized this week, Farm Journal Media will purchase Vance’s agriculture and produce assets, including titles AgProfessional, Dairy Herd Management, and Produce Ops. Bobit Business Media will buy Vance’s beauty portfolio, which includes Modern Salon and Salon Today, while Vance’s woodworking network will be sold to CCI.
The announcement marks the end of Vance Publishing, a multimedia company founded in Chicago in 1937. All three transations encompass not only Vance’s print and digital magazine titles, but live events and data products, as well.
A Vance spokesperson tells Folio: that William Vance, chairman and CEO and son of company founder Herbert Vance, will retire following the deal, as will president and COO Peggy Walker. It’s unclear whether all employees will transition to the new owners.
The spokesperson says the deals were privately negotiated, but declined to offer further details on terms.
The acquisition further bolsters Farm Journal’s assortment of agricultural properties, which include the company’s eponymous flagship magaizne, in addition to Top Producer, Beef Today and other brands.
“By acquiring these top brands, we become market leaders in the important Produce sector, combine to become the leader in the Livestock sector and now have the leading voice to Ag Retailers, an area in which we have already heavily invested,” said Farm Journal CEO Andy Weber, in an official statement.
Bobit adds Modern Salon Media’s brands to its beauty group, which already features the monthly Nails magazine. Modern Salon Media publisher Steve Reiss will retain his role through the transition, according to Bobit.
Meanwhile, Woodworking Network will join Cedar Rapids, IA-based CCI Media’s woodworking-focused print and digital magazine FDMC.
“I have known the Farm Journal, Bobit Business Media and CCI Media organizations for years,” added Vance. “Our employees and customers are in good hands.”