Journal of Commerce to Be Sold
The Journal of Commerce Group, publisher of JoC Week as well as several other publications aimed at the trade and transportation industries, will be sold to Commonwealth Business Media by the end of September.
Terms of the deal were not disclosed.
"The Journal of Commerce is the leading brand with a strong position in its market developed through the quality of its information and the expertise of its staff,” said Helen Alexander, chief executive of the Economist Group. “However, as we focus our resources on developing global media brands for an international audience, it is no longer a strategic fit for the Economist Group.”
Founded in 1827 by Samuel F.B. Morse, inventor of the telegraph and of the signal code which bears his name, the Journal of Commerce began as a daily covering shipping in New York City.
"I am delighted that the Journal of Commerce Group is our first acquisition since the formation of Commonwealth last October,” said Alan Glass, chairman, president and chief executive of Commonwealth Business Media. ”It fits perfectly with our strategy of being a global leader in the international trade and transportation markets.”
Journal of Commerce has faced stiff competition from the Internet in recent years, according to Reuters
Assets of the group include JoC Week, joc.com, PIERS, Traffic World and Air Cargo World, Florida Shipper, Gulf Shipper and Shipping Digest.
Those publications will be added to Commonwealth Business Media’s roster which already includes: Pacific Shipper, Canadian Sailings, the Pocket List of Railroad Officials, U.S. Custom House Guide and Official Export Guide, the Forwarders List of Attorneys and Musical America International Dictionary of Performing Arts.
(Click here for the full press release.)
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