Saturday, December 01, 2018

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.

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