NEW YORK, May 8, 2007 (PRIME NEWSWIRE) -- Summit Business Media, LLC, a leading media company serving the business-to-business market, today announced that it has sold four magazines, Contractor Tools and Supplies, Construction Purchasing, MRO Today and Progressive Distributor, to Milo Trade Media. Terms of the transaction were not disclosed.
"Our focus is on B2B media properties that either dominate their segments or have the near-term potential to do so," said William F. Reilly, Chairman and CEO of Summit Business Media. "These were legacy titles acquired during the formation of Summit last November that fell outside of our core insurance and financial services focus. This action represents a minor pruning of our portfolio as we continue to invest in organic growth and follow-on acquisitions."
About Summit Business Media
Summit Business Media was formed through a partnership between William Reilly, former CEO of PRIMEDIA, and Wind Point Partners in an acquisition of Highline Media and Pfingsten Publishing in November 2006. Summit Business Media serves the insurance community with venerable assets such as Highline's National Underwriter Property/Casualty and Life/Health weeklies and SB Media's Life Insurance Selling and American Agent & Broker. Summit Business Media serves the financial and insurance industries via magazines like Wealth Manager, Research and Futures magazines, reference tools like TaxFacts and Fire, Casualty and Surety Bulletins, and 150 other books, electronic products and conference events. It is also the leading data provider of financial and market information on insurance companies as well as the premier information source to the mortgage origination market served by SB Media, LLC's Mortgage Originator. Additional information about Summit Business Media is available at www.summitbusinessmedia.com. Additional information about Highline Media and SB Media, LLC is available at www.highlinemedia.com and www.sbmediallc.com.