The Jim Pattison Group, a privately owned, Vancouver, BC-based conglomerate which owns The News Group, has acquired the national magazine distributor Comag Marketing Group, LLC (CMG) from Hearst Magazines and Condé Nast. Terms were not disclosed. Jay Felts will continue as president of CMG and the firm’s headquarters will remain in Princeton, New Jersey.
CMG U.K. is not part of the transaction and will continue to be owned by National Magazine Company Ltd. and Condé Nast U.K.
Michael Korenberg, deputy chairman of The Jim Pattison Group and a member of its Board of Directors, said, “This transaction will strengthen the newsstand channel and, at the same time, enable Hearst and Condé Nast, as publishers, to focus on their core competencies — editorial development, retail marketing and consumer promotion. We believe that with the strength of its management team and systems, CMG can consolidate and improve publisher services as well as add stability for all stakeholders in the single-copy marketplace.”
Canada, Vancouver, British Columbia & USA, Princeton, New Jersey