A new holding company out of Denver, Voice Media Group, announced today that it has agreed to purchase Village Voice Media, owner of Phoenix New Times and 12 other alternative newspapers across the country.
The purchase includes the newspapers, their websites, and VVM's national-advertising component.
Scott Tobias, VVM's chief operating officer, led the buyout and will be chief executive officer of the new company. Christine Brennan, executive managing editor of VVM for the past 19 years, will become executive editor, and Jeff Mars, vice president of financial operations at VVM, will become chief financial officer.
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Backpage.com, currently owned by VVM, is not part of the buyout. It will become a separate company with separate ownership.
"Voice Media Group will center its attention on the growth of the renowned weekly publications and continue its expansion into new and exciting mobile and online platforms," Tobias says. "We are focused on building a dynamic media business that allows our advertisers to target local audiences through multiple platforms. We will continue to offer advertisers a national footprint with hyper-local reach, and we will continue to provide high-caliber and comprehensive content to our readers."
Says Brennan, "The publishing properties purchased under this agreement have always exemplified a commitment to editorial integrity -- delivering reliable and essential news and cultural coverage to their local communities. Voice Media Group will champion and nurture this journalistic heritage.