Modern Luxury Media to Be Acquired by Dickey Publishing, Inc.
(Press Release) Atlanta, Aug 27, 2010 — Dickey Publishing, Inc. today announced an agreement to acquire the assets of Modern Luxury Media, LLC, the country's largest city magazine publisher. Modern Luxury publishes 26 titles in 12 major markets including: New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Washington DC and Miami. Dickey Publishing has commissioned Cumulus Media, the country's 2nd largest radio broadcaster, to operate Modern Luxury through Cumulus' Structured Management Services division.
Dickey Publishing has retained Macquarie Capital (USA), Inc. as sole advisor to the transaction. Macquarie also will provide debt and equity funding for the transaction.
Dickey Publishing President and Publisher, Michael W. Dickey, commented, "Modern Luxury has an excellent position in the most significant media markets in the U.S. We look forward to working with its talented team. We are also pleased to be partnering with Macquarie, who has significant experience in the media sector. Their advice and support in this transaction will be of significant benefit to the growth of the business."
"There has been keen interest in Modern Luxury from several interested buyers," said Bill Cobert, CEO of Modern Luxury. "Dickey Publishing distinguished themselves in a number of respects, by placing the greatest value on Modern Luxury, our team, our brands, and each of our markets. We believe they will be a superb steward of the business going forward."
Cumulus Media Chairman & CEO, Lew Dickey, said, "Modern Luxury has a stable of venerable publishing brands in the nation's most desirable media markets. It will benefit greatly from Cumulus' technology platform, operating systems and local media sales experience. This is an excellent opportunity to gain significant scale in a business in which Dickey Publishing has been operating for over a decade."
Berkery, Noyes & Co, LLC represented Modern Luxury in the transaction.
The financial terms of the transaction were not disclosed.