Penton Media Article

 

Penton Media Inc., the Cleveland-based trade magazine publisher and trade show operator, said it has hired an advisor to consider alternatives including the sale of the company.

 

According to a news release, the company has hired Credit Suisse Securities (USA) LLC " to assist it in exploring various strategic alternatives, including the possible sale of the Company." (Link: Penton site)

 

The release said:

The Board has determined to explore strategic alternatives, including a possible sale of the Company, as a way to maximize value for its shareholders. David Nussbaum, the Company's chief executive officer, indicated that the Board's determination that it is an opportune time to evaluate strategic alternatives was based on a number of factors, including that management has successfully improved operating income since the industry recession in early 2001 and the Board's belief that the market is currently very attractive for business-to-business media assets.

As part of its recovery, Penton had previously given a special block of shares to investors that bailed it out in 2002. It's now appointed a special committee of the board to represent the interests of the other shareholders and created a formula for how any sale proceeds would be divvied up between regular shareholders and those owning the Series C preferred stock.

 

More at http://cleveland.com/and http://www.penton.com/

I knew that place wasn't doing well. Everyone I ever met who worked there was unhappy. I hope if the company does get sold, the purchaser leaves the company here....

Doesn't another UrbanOhio forumer work there?!?!?

Two of us work for Penton (Paul_In_Cleveland is the other); I'm actually quite happy overall. Granted, I was around during the years of the dot-com bust so I'm less jaded than some.

 

Don't get me wrong, there are a few things that could be better but that could be said about anywhere. There's a lot of speculation as to what could happen - new purchasers could buy a few of the brands, or in one fell swoop. Guess we'll find out eventually  :|

And this must be eventually:

 

Penton Media sold for $500 million in cash and debt

 

From cleveland.com

 

An investment team led by New York business mogul Bruce Wasserstein has agreed to buy Cleveland-based Penton Media Inc. (Link: release)

 

Prism Business Media Holdings Inc. plans to pay $194 million in cash for the publisher and trade show organizer and assume more than $300 million of the company's debt. Prism is owned by Wasserstein & Co.'s U.S. Equity Partners II LP. The total deal is valued at $530 million.

 

More at cleveland.com http://www.cleveland.com/weblogs/business/ )

 

This doesn't mean that MayDay will be moving to NYC, does it?

Start spreadin' the news... ;)

 

It's highly unlikely. So far it looks as though their media group has a nominal amount of overlap with the Penton brands. There may be some staff reductions in areas of redundancy outside the actual magazines, but that's purely speculation at this point. We may keep going business-as-usual only with a different company providing our paycheck, or who knows...

 

Honestly, this is the THIRD company I've been with to undergo a buyout/merger and worrying about it accomplishes absolutely nothing. Suffice it to say that (using a sinking ship metaphor) I'm not hopping in a lifeboat just yet, but I'm keeping a good eye on them ;)

Does Primedia or whatever it's called now have other pubs in NEO? I wonder if NEO might be able to gain workers if NYC-based mags were to be moved here.

 

I obviously don't know anything but am just throwing that out there :) It seems like they'd be able to save a little money with a workforce in Cleveland rather than NYC.

They have pubs all over, but none in northeast Ohio.

Penton Media Stockholders Approve Proposed Merger with Prism Business Media Holdings

Cleveland -

 

CLEVELAND -- Penton Media, Inc. (OTCBB:PTON) announced that at a special meeting of stockholders held today, Penton’s stockholders approved the previously announced merger agreement with Prism Business Media Holdings, Inc. More than 93 percent of the votes cast by common stockholders and all votes cast by preferred stockholders were voted in favor of the transaction. The transaction is anticipated to close on or before February 6, 2007.

 

About Penton Media, Inc.

Penton Media, Inc. (http://www.penton.com/), a diversified business-to-business media company, provides high-quality content and integrated marketing solutions to the following industries: aviation; business technology Enterprise Information Technology; design/engineering; electronics; food/retail; government/compliance; hospitality; manufacturing; mechanical systems/construction; and natural and organic products. Penton produces market-focused magazines, trade shows, conferences, and online media and provides a broad range of custom media and direct marketing solutions for business-to-business customers worldwide.

 

http://financial.businessinsider.com/siliconalleymedia.clusterstock/news/read?GUID=963114

Penton sale completed; CEO resigns

 

5:48 p.m.

 

Moments ago, Prism Business Media Holdings Inc. of New York notified the U.S. Securities and Exchange Commission that it had completed its $530 million acquisition of Cleveland-based Penton Media Inc.

 

A flurry of changes are attached to the deal:

 

-- Penton has ceased to be a publicly traded company.

 

-- Each share common share of Penton stock was canceled and converted into the right to receive about 80 cents in cash.

 

More at Cleveland.com

Heard from a friend there this morning that Penton just let go of a bunch of people this morning.  Anyone else hear this?

Yes, there have been cuts in the Production, Finance, and HR departments. Once the details are released, I'll post them.

good luck, MayDay!

So far (and knock on wood) it sounds like the editorial/graphics people are okay.

I'm not among the cuts, but I feel awful for those who were let go. :-(

 

Cuts coming for Penton; up to 70 could lose jobs

 

Wednesday, March 07, 2007

Henry J. Gomez

Plain Dealer Reporter

 

A new-look Penton Media Inc. will have a lighter presence in Cleveland, its home base of 105 years before being sold last month.

 

The business-to-business publisher and trade-show promoter is streamlining nationwide after merging with Prism Business Media Holdings Inc. of New York in a $530 million deal.

 

More at cleveland.com http://www.cleveland.com