Virginia Business magazine has been acquired by an investment group that includes Bernard A. Niemeier, the magazine's president and publisher.
Richmond-based Media General Inc. completed the sale of the monthly publication yesterday to Virginia Business Publications LLC, a newly formed company. Terms were not disclosed.
Media General, the parent company of the Richmond Times-Dispatch, started Virginia Business magazine in 1986.
The magazine covers major industries and business trends and circulates 27,500 copies in Virginia.
"We intend to continue our long history of bringing readers the best and latest in business trends and news from around the state," Niemeier said yesterday. "Virginia Business is a strong and respected brand with loyal readers."
Niemeier has been the magazine's president and publisher since January 2007. He declined to disclose the names of other investors in Virginia Business Publications LLC.
The magazine had its best-ever annual revenue in 2008, he said. After an extensive redesign last year, no major changes are planned for the magazine right now.
It will keep all of its full-time staff of 12 and continue to hire freelance writers, photographers and illustrators, Niemeier said.
The magazine operates out of office space at Media General's headquarters building.
It will remain based in Richmond and plans to move into new office space within a few months, Niemeier said.
Media General owns 18 television stations, 21 daily newspapers, more than 200 weekly newspapers and specialty publications, and Web sites associated with its print and broadcast properties. -- John Reid Blackwell
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