[AZ-Observing] Sky & Tel Sold
- From: "Rick Tejera" <saguaroastro@xxxxxxx>
- To: "AZ Observing" <AZ-Observing@xxxxxxxxxxxxx>
- Date: Wed, 15 Feb 2006 17:15:47 -0700
Saw a post today on my astro officer yahoo group about S&T being sold. I'm a
bit skeptical as I see nothing on Sky Pub's website nor the website of the
financier (Boston ventures), Nor can I find any information about the party
it was supposedly sold to (New Track Media LLC). Below is the press release
as posted (since it's too long to quote)
Can anyone confirm this????
Rick Tejera
President
Editor SACnews
Saguaro Astronomy Club
Phoenix, Arizona
saguaroastro@xxxxxxx
www.saguaroastro.org
This e-mail is from Craig Waff, from the Oldscopes group:
The following news release from Sky Publishing Corporation may be of
interest to readers of and contributors to Sky & Telescope and Night
Sky magazines and the Beautiful Universe and SkyWatch annuals.
Craig B. Waff
**********************************************************************
*********************************
Sky Publishing Completes Sale to New Track Media, LLC
Sky & Telescope magazine becomes cornerstone of newly formed media
company
Cambridge, MA, February 13, 2006 - Sky Publishing Corporation, the
privately held publisher of astronomy periodicals and books, announced
today that it has completed a sale of its business to New Track Media
LLC, an entity formed in the fall of 2005 by Stephen J.
Kent and Boston Ventures. Terms of the transaction were not
disclosed.
Sky Publishing Corp. was founded in 1941 by Charles A. Federer Jr.
and Helen Spence Federer, the original editors of Sky & Telescope
magazine. Sky & Telescope is the world's most respected astronomy
magazine, serving amateur astronomers around the globe. In addition to
Sky & Telescope and SkyandTelescope.com, the company publishes Night
Sky magazine (a bimonthly for beginners with a Web site at
NightSkyMag.com), two annuals (Beautiful Universe and SkyWatch), as
well as books, star atlases, posters, prints, globes, and other fine
astronomy products. For New Track Media, which is based in Cincinnati,
Sky represents its first transaction in a broader plan that calls for
building a portfolio of consumer enthusiast properties, not all
science-related, and largely through acquisition.
Key members of the Sky Publishing senior management are keeping their
roles. Susan Lit, president and publisher, and Richard Tresch
Fienberg, editor in chief, have both agreed to continue in their
positions under the new ownership. Ms. Lit emphasized that Sky had not
been considering a sale but saw this as an opportunity to associate
with a group that has broader ambition for growth along with a proven
track record in publishing. "I have known Stephen [Kent] for years,
and when he announced his plans with Boston Ventures, this seemed like
an opportunity to become a central piece of a new and exciting
company. As an employee-owned company for 65 years we had to be
assured that a new owner would value our independence and history, and
at the same time be committed to our growth. New Track Media offered
the growth opportunities and shared vision of entrepreneurial spirit."
The company will continue to operate out of its offices in Cambridge,
with plans to relocate to new offices in the Boston area within the
next year.
New Track Media was formed in the fall of 2005 by Kent, with support
from Boston Ventures, an established private equity firm with a
longstanding media focus. Kent, who was most recently CEO of
F+W Publications, is chief executive officer of New Track Media,
LLC. "We couldn't have asked for a stronger brand to launch our new
venture," said Kent. "Sky & Telescope has a rich history and
established editorial authority in a category that is everlasting.
We are proud to make it the cornerstone of New Track Media."
According to Kent, "with the Sky acquisition complete, we are now
eager to bring other prominent special interest properties into the
portfolio and hope that this will help others see that we're a buyer
who can work quickly and confidentially toward completion."
About Sky Publishing
Sky Publishing Corp. was founded in 1941 by Charles A. Federer Jr.
and Helen Spence Federer, the original editors of Sky & Telescope
magazine. In addition to Sky & Telescope and SkyandTelescope.com, the
company publishes Night Sky magazine (a bimonthly for beginners with a
Web site at NightSkyMag.com), two annuals (Beautiful Universe and
SkyWatch), as well as books, star atlases, posters, prints, globes,
and other fine astronomy products.
About New Track Media
New Track Media LLC is wholly owned by BVK Holdings, LLC, an entity
formed by Boston ventures and Stephen J. Kent for the purpose of
building up a premier consumer enthusiast publishing platform in a
range of special interest subject areas. Astronomy and other
science-related periodicals represent one focal point, but additional
clusters of properties in other areas are also being explored. New
Track Media and BVK operate from offices in Cincinnati, Ohio, which is
where the firm has a corporate development team.
About Boston Ventures
Boston Ventures Management, Inc. (www.bostonventures.com), is a
private equity firm that has been an active investor and financial
partner to management teams in the media, entertainment, publishing
and information and communications sectors since 1983, earning the
firm a franchise position in the private equity community. Boston
Ventures' general partners and principals are accomplished and
experienced professionals who have a diverse and complementary range
of skills, and a broad network of domestic and international
relationships. Since its inception, Boston Ventures has invested
approximately $2.2 billion in its target industries. The existing
Boston Ventures Fund VI Partnership has attracted leading U.S.
institutions and individuals from 16 countries.
###
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Rick Tejera
President
Editor SACnews
Saguaro Astronomy Club
Phoenix, Arizona
saguaroastro@xxxxxxx
www.saguaroastro.org
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