Minnesota Monthly Publisher Sold To Detroit Media Group
American Public Media Group (APMG) said Monday that it has sold its publishing business, Greenspring Media Group, to Detroit-based Hour Media, LLC, for an undisclosed sum.
St. Paul-based APMG, the parent company of nonprofit entities Minnesota Public Radio and American Public Media, bills itself as one of the country’s largest producers and distributors of public radio programming. Greenspring was its Minneapolis-based for-profit publishing business whose titles include Minnesota Monthly, a competitor of Twin Cities Business’ sister publication, Mpls.St.Paul magazine.
Hour Media has acquired all of Greenspring’s assets and plans to continue to produce its publications—such as Minnesota Monthly, Midwest Home, Drinks, RealFood, and Where Twin Cities—under their current titles. Greenspring’s headquarters, along with its publications, will remain in the Twin Cities, APMG said.
When asked what motivated the sale, APMG spokeswoman Angie Andresen told Twin Cities Business that it was “a strategic decision to align American Public Media’s resources around public media audiences.”
“We also are confident that Greenspring Media and its portfolio of publications are best served by an owner committed to the publishing industry, with expertise, strategic interests, and resources to help those publications thrive,” she added.
Hour Media is a publishing company that focuses on city magazines and online content in metro Detroit, with publications such as Hour Detroit and DBusiness.
“The Twin Cities is a great magazine market, and we couldn’t be more excited about becoming a significant part of it,” Hour Media President John Balardo said in a statement. “The Greenspring platform . . . mimics what we have built in Detroit and is a very synergistic fit for our organization. We are excited to leverage those synergies and best practices to create an even stronger combined organization.”
Steve Fox is retiring from his roles of president and publisher of Greenspring after leading the business for 25 years. Jamie Flaws, who previously served as vice president of sales and associate publisher at Greenspring, will succeed Fox as publisher. Balardo, meanwhile, will act as president.
APMG President Jon McTaggart said in a statement that the sale will help his organization “to keep our focus on what we do best—and that is creating indispensable content for our audiences.”
“This sale allows us to channel our energies toward finding the best ways to serve our current audiences, while reaching out to new and diverse audiences,” McTaggart added.