* Boating magazine chief to buy Editor & Publisher
* Money, terms not disclosed
* E&P to live after being closed two weeks ago
(Adds confirmation of news, background on newspapers)
By Robert MacMillan
NEW YORK, Jan 14 Editor & Publisher, chronicler
of the U.S. newspaper business for more than a century, will
live again after being shut down two weeks ago.
E&P, as journalists often call it, will resume publication
after being sold to boating magazine publisher Duncan McIntosh,
it confirmed on its website after Reuters reported the news.
The announcement came two weeks after Nielsen Co shut down
the "bible of the newspaper industry" -- as it called itself on
its website -- because of financial difficulties.
Current owner Nielsen Co closed the magazine and related
website two weeks ago after agreeing to sell its Nielsen
Business Media unit to a new company called e5 Global Media,
formed by private equity company Pluribus Capital Management
and Guggenheim Partners.
Editor & Publisher's own publisher, Charles McKeown, will
keep his job, the website reported. Twenty-six-year veteran
Mark Fitzgerald will be the new editor, the site said. He
replaces Greg Mitchell.
Editor & Publisher closed after suffering the same
financial difficulties as the U.S. newspapers it covered. Ad
revenue and a drift of readers to the Internet have hurt nearly
every U.S. newspaper publisher.
Duncan McIntosh Co Inc publishes magazines such as Boating
World and FishRap. The company did not disclose terms of the
"Such a critical information source for a newspaper
industry so desperately in need of help should not go away,"
McIntosh told Editor & Publisher. "I've been a reader of E&P
over the course of 30 years and know its incredible value to
readers and advertisers."
Editor & Publisher's closing was one of the most ominous
events in the slow decline of the U.S. newspaper business.
Storied publishers from The New York Times Co (NYT.N) to
Gannett Co Inc (GCI.N) and McClatchy Co (MNI.N) have received
steadily declining amounts of coverage in the news media as
their fortunes have fallen.
Editor & Publisher continued to write tough stories about
the business even as other media outlets decreased their
coverage because they considered publishers to no longer be big
enough -- or lucrative enough -- to attract investor interest.
(Reporting by Robert MacMillan; editing by Andre Grenon)