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Posts Tagged ‘TV Technology’

NewBay Media CEO Steve Palm On New Acquisitions: We’re Looking To Hire, Not Fire Staffers

Steve_Palm.jpgEarlier this week, we learned that publisher NewBay Media had picked up three trade titles from Reed Business Information, Broadcasting & Cable, Multichannel News and TWICE, for an undisclosed amount.

When any publication is sold, the obvious questions surface. Namely, what will happen to the staff? (Just one look at the bloobath at post-Bloomberg BusinessWeek can tip you off to the type of gutting that can occur after a sale.) One tipster told us the staff of the three sold titles would learn their fates by the end of the year. But we had a chance to speak with NewBay’s CEO, Steve Palm (left), who told us that immediate cuts were not expected.

“These titles are complementary to our existing business and we respect and admire the brands and the team that have built these brands and are continuing to work on them,” Palm said. “Our short-term plan is that the team is going to remain where they are right now. We’ve worked in agreement with Reed so that they’ll continue to work out of their existing offices until the end of February and then in March we will locate them in a facility that we’re currently exploring specific locations. In terms of the staff, we’re pleased with where we are at and we see it as complementary. We continue to work with the managers to ensure that we’ve got what we need.”

And as for those rumors about employees getting offers from NewBay by the end of the year? Palm says there are contractual issues that need to be ironed out soon, so staffers will be getting letters “formalizing” their relationship with their new employer.

What’s more, in response to questions about cutting down staff, Palm emphasized the fact that the company may actually be looking to hire as it transitions its new titles into the company.

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RBI Sells Broadcasting & Cable, Multichannel News and TWICE

B&C.jpgReed Business Information has sold three of its business-to-business publications, Broadcasting & Cable, Multichannel News and TWICE to NewBay Media, the publisher of broadcasting b-to-b titles like Television Broadcast and Radio World and an affiliate of private equity firm the Wicks Group.

“With this acquisition NewBay adds significant depth and breadth to its existing portfolio of broadcast properties, including TV Technology and Television Broadcast, and consumer electronic properties, including Residential Systems,” said NewBay CEO Steve Palm in a statement about the deal.

According to a memo sent to staff today by RBI’s CEO John Poulin, obtained by FBNY, staffers at the publications “will remain at RBI as we work with NewBay Media to complete the transition,” although their future at NewBay seems uncertain. A NewBay spokesman told FishbowlNY that he was unaware of the future plans for the brands and their staffs, but a tipster tells us the company will offer jobs to the employees they want to keep by the end of the year. (Know anything? Send us an email or leave a tip in the box on the right.)

Poulin also said the company was continuing to work on finding new homes for the other RBI brands — including Publishers Weekly and Library Journal — that the company has been looking to sell since the summer.

In July, RBI Global CEO Keith Jones revealed that the company was putting nearly 50 of the company’s publications on the block. “We have decided to focus our efforts and investments on a narrower range of brands and markets,” Jones said at the time.

Full memo after the jump

Previously: Breaking: Reed Elsevier To Sell Part Of U.S. Business

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