NEW YORK (April 13, 2000)—Modern Tire Dealer, an industry trade magazine, has been sold to Torrance, Calif.-based Bobit Publishing Co., which produces a variety of automotive-related publications including Automotive Fleet, Auto Rental News, Mobile Electronics, Limousine and Chauffeured Transportation, Metro and School Bus Fleet.
The purchase agreement was announced April 12 by The Jordan, Edmiston Group Inc., a New York investment banking firm that arranged the transaction. Financial terms of the sale were not disclosed.
Akron-based Modern Tire Dealer, founded in 1919 and published by Bill Communications of New York City, was among three Bill publications purchased by Bobit.
Also included in the purchase were Bill´s Auto Trim & Restyling News and Truck Accessory News, both based in Atlanta, Ga. The two publications were acquired by Bill Communications in 1998.
Bill Communications is a unit of VNU-USA Inc., a wholly owned subsidiary of VNU N.V., a Netherlands-based publisher of consumer magazines, business directories and educational materials. Boston Ventures, a venture-capital investment company, purchased Bill Communications in 1989 and sold Modern Tire Dealer to VNU in 1994. &Copy;