Atlantic Media sold off Government Executive Media Group (GEMG), a collection of brands that covers the public sector, in a deal announced today. Financial terms were not disclosed.
The publications, including sites like govexec.com, defenseone.com and routefifty.com, will now be run by Growth Catalyst Partners, a private equity firm based in Chicago. The group will bring on all employees, including current GEMG CEO Tim Hartman, who will keep his title.
“We’re really excited about this because it means we can provide a better service to our core readership base and strengthens our capabilities to work with the advertisers who work with us every day,” Hartman told Adweek.
GEMG didn’t have plans to sell until it was approached by Growth Catalyst Partners, which already has investments in video production, risk management and music education companies, according to Hartman.
“As we worked with sharing our strategy, it really aligns just perfectly,” Hartman said.
Under its new ownership, the company will have three growth priorities: scale, data and insight products to interest its audience of government contractors and — “assuming we get beyond” coronavirus in the next two years — events.
“There’s no doubt there’s a disruption right now with coronavirus taking over everybody’s lives and with precautions,” said Hartman, whose newsrooms began working from home last week. “We’ve been able to keep it all together and I’m really heartened by that.”
In August 2017, Emerson Collective, helmed by Laurene Powell Jobs, took out a majority stake in Atlantic Media, which also includes The Atlantic and National Journal. Over the past couple of years, The Atlantic has shed several of its titles. In December 2019, Bloomberg snatched up CityLab, and in July 2018, Japan’s Uzabase purchased Quartz.