Cartwright sale of legal and trade publications is a major shakeup in the magazine industry
|Retired Judge Ian Cartwright in Calgary|
The decision by former judge Ian Cartwright to sell most of his family holdings in the privately held The Cartwright Group, including Canada Law Book will close a chapter. Cartwright, who believed that Canadian legal data should be controlled in Canada, bought Canada Law Book more than 25 years ago to keep it out of the hands of a foreign-controlled buyer. (Ironically, that is precisely what is happening now in the deal with Thomson Reuters, largely owned outside of Canada.)
As the principal shareholder in The Cartwright Group, Cartwright is known to have used profits from his publishing operations to be a generous (though largely anonymous) benefactor to such charities at the Sick Children's Hospital Foundation and the Association in the Defence of the Wrongly Convicted*. Now 75, he is apparently planning his estate and wanted to cash out in order to make a "significant and meaningful donation to the charities of his choice".The decision to sell the remaining b2b titles to Annex Publishing and Printing significantly changes the magazine landscape, essentially removing a major competitor and consolidating those titles in a much bigger company, based outside of the GTA. Annex is based in Simcoe and started out as a publisher of community newspapers but has been steadily launching and acquiring small-scale niche titles for many years. As Niel Hiscox, CLB Media vice-president told Law Times, the CLB titles are complementary as they are not competitive with Annex titles.
*In 2009, Cartwright wrote a personal cheque for $1 million to AIDWYC, even though the group did not have charitable status.
Photo: Chris Bolin, for the Globe and Mail.
Recent related posts:
- Carswell acquires Canadian Lawyer and Law Times as part of Canada Law Book deal
- Thomson Reuters buys Canada Law Book
Labels: magazine industry