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Topic: Miscellaneous items
Date/Time: 7/24/2007 1:49:36 PM
Title: Chicago Reader, Washington City Paper sold
Posted By: Jim Romenesko
 
NEWS RELEASE
July 24, 2007

Creative Loafing Inc. Acquires Chicago Reader and Washington City Paper

TAMPA, Fla. – Two of the country’s leading alternative weekly newspapers, Chicago Reader and Washington City Paper, were acquired today by Creative Loafing Inc., which owns alternative weeklies in Atlanta, Tampa, Sarasota and Charlotte.

The Chicago and Washington, D.C. papers were both controlled by founders of Chicago Reader. Also included in the acquisition is the "Straight Dope" syndicated column, whose associated website, straightdope.com, has nearly 2.3 million page views per month.

Chicago Reader, founded in 1971, is one of the oldest alternative newspapers in the country and now has an average weekly circulation of 135,000 papers. The Washington City Paper, founded in 1982, has an average circulation of 80,000. Both newspapers are highly regarded for their coverage of urban issues, arts and culture.

"We are extremely proud to be associated with these great media companies,” said Creative Loafing CEO Ben Eason, whose family founded the first Creative Loafing newspaper in Atlanta in 1972. The company expanded into Charlotte in 1987, Tampa in 1988 and Sarasota in 1999 and is now headquartered in Tampa. It also has a minority interest in the Birmingham Weekly in Alabama. "We have built our Creative Loafing brand by offering valuable content to people who influence public opinion and public tastes in culturally vibrant markets. The addition
of two top-ten markets – and two of the industry’s most respected alternative news products – offers us a pivotal gateway of connectivity with the young adult audience."
...........

A statement from the owners of Chicago Reader and Washington City Paper, released today by Bob Roth, president of the companies:

Today we announce the sale of our companies to Creative Loafing, Inc., which owns alternative weeklies in Atlanta, Tampa, Sarasota, and Charlotte.

We are more grateful than we can say to the readers and advertisers who have supported us in both Chicago and Washington, and especially to the extraordinary writers, editors, photographers, artists, and staff who have worked with us since we started in 1971. Thanks to them we’ve been able to make careers doing work we love and to establish papers that are vital parts of the communities they serve. We’ve had a great ride. Now we’re happily handing the keys to a new generation, Creative Loafing and their CEO Ben Eason. We’re confident they will build on what we’ve established and carry it ably into the future.

Most of the Chicago Reader/Washington City Paper shareholders will continue in a company to be called Quarterfold, Inc., through which we will retain our interests in The Stranger, Portland Mercury, and Amsterdam Weekly.

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