Emmis Publishing L.P., a wholly owned subsidiary of Emmis Communications Corporation (NASDAQ: EMMS), has announced that it has purchased Orange Coast Kommunications, Inc., the publisher & market-leader Orange Coast magazine, from Ruth Ko. No purchase price was disclosed.
“Orange Coast magazine is a dominant, well-established publication that has served Orange County, California, extremely well since 1974,” said Gary Thoe, president of Emmis Publishing. “As the leading magazine in the market, it boasts strong readership and a dominant market position. We think there are some interesting possibilities that exist with our ownership of Los Angeles magazine and Tu Ciudad Los Angeles that make this acquisition particularly intriguing. We are very excited about the future.”
Orange Coast magazine, which has 26 full- and part-time employees, has a distribution of 60,000 in this largely upscale community. The average reader has a home valued at $1.8 million and a household income of $266,229.
Ko, who has owned the magazine since 1991, has been associated with Orange Coast for 32 of its 33 years of existence, as employee, executive and owner. Regional Media Advisors represented Orange Coast Kommunications in this transaction.
"I am thrilled that Emmis Publishing is the successful bidder," said Ko. "Orange Coast magazine is a perfect fit with Emmis' portfolio of quality lifestyle publications and the company clearly understands the unique attributes that distinguish Orange Coast from its worthy competitors. Above all, this acquisition is testament to the creative talents and business skills of my superb team. Today, I feel just like a very proud parent."
Emmis Communications – Great Media, Great People, Great Service®
Emmis is an Indianapolis-based diversified media firm with radio broadcasting and magazine publishing operations. Emmis Publishing includes Los Angeles Magazine, Tu Ciudad, Texas Monthly, Indianapolis Monthly, Cincinnati Magazine, Atlanta Magazine and Country Sampler. Emmis owns 21 FM and 2 AM domestic radio stations serving the nation’s largest markets of New York, Los Angeles and Chicago, as well as St. Louis, Austin, Indianapolis and Terre Haute, Ind. In May 2005, Emmis announced its intent to seek strategic alternatives for its 16 television stations, and has since sold of 15 of them. Emmis also owns a radio network, international radio stations, an interactive business and ancillary businesses in broadcast sales.