The News Group wholesale arm to be sold to U.S.-based hedge fund
The News Group (TNG) owned by the Jim Pattison Group is to be sold to Chatham Asset Management in a deal expected to close by year's end, according to a story in Folio:.
What it means is that control of about two-thirds of the North American magazine wholesale market (including its subsidary Comag Marketing Group, the national distributor for Hearst Magazines, Condé Nast, and American Media Inc., among others) will pass into the hands of a New Jersey-based hedge fund.
About 1,500 TNG employees will move under the umbrella of a newly-formed American News Group. Canadian operations and TNG Merchandising were excluded from the sale and will remain as part of the Jim Pattison Group.
Related stories
What it means is that control of about two-thirds of the North American magazine wholesale market (including its subsidary Comag Marketing Group, the national distributor for Hearst Magazines, Condé Nast, and American Media Inc., among others) will pass into the hands of a New Jersey-based hedge fund.
About 1,500 TNG employees will move under the umbrella of a newly-formed American News Group. Canadian operations and TNG Merchandising were excluded from the sale and will remain as part of the Jim Pattison Group.
Related stories
- Coast to Coast newsstand distributor to be bought by Pattison's Comag group
- TNG acquires magazine sales and distribution arm of Ingram Content Services
- Jim Pattison Group buys Comag newsstand distribution firm from Hearst and Condé Nast
- Increasing clout of The News Group in U.S. magazine distribution is noted
Labels: Jim Pattison Group, wholesalers
posted by D. B. Scott at
5:14 pm
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