Back in April, Reed Business Information announced that they would be shuttering 23 titles, all trade magazines that the company has not been able to sell. Later that same month, news came out that Peerless Media, founded by Brian Ceraolo, publisher of RBI’s Supply Chain Group, was entering into an agreement with RBI to acquire Logistics Management, Modern Materials Handling, Supply Chain Management Review and Material Handling Product News.
And even more RBIers are snatching up titles. Hotels publisher Dan Hogan bought the title, along with Foodservice Equipment and Supplies. And another newly-formed company founded by former RBI group publishers, Jim Langhenry and Steven Rourke’s CFE Media, has acquired its own slew of titles, including Control Engineering, Consulting-Specifying Engineer and Plant Engineering.
Additionally, RBI is telling prospective third-party buyers that they will have to wait on the sidelines until it is able to wrap up an “internal auction.” Folio: obtained an email in which RBI executive vice president and CFO John Poulin informs one potential buyer that the company has been working with RBI management to “give them the opportunity to purchase the [intellectual property] associated with the publications before we considered any third party offers.” Poulin added that RBI will contact interested buyers by May 10.