TRANSCONTINENTAL BUYS OTTAWA BUSINESS JOURNAL
By Adnews Staff
Montreal-based Transcontinental Media has acquired the Ottawa Business Journal and its ancillary products from InBusiness Solutions Inc. of Ottawa for $2.1 million in cash. The free weekly publication covers business news in the Ottawa area. It has a circulation of approximately 21,000 and employs about 20 people. The ancillary products included in the sale consist of the journal's special annual publications, the CEO of the Year and Forty Under 40 award programs, as well as the intellectual property of the Toronto Business Journal and Le Montréal Economique. "This transaction is in line with our strategy of acquiring targeted publications in high-growth niches," said Transcontinental Media president Andre Prefontaine. "The Ottawa Business Journal is an excellent complement to our portfolio of business and financial publications." Transcontinental Media is a wholly owned subsidiary of Transcontinental Group. InBusiness is still looking for buyers for its monthly publication Silicon Valley North, its tradeshow and events division and the assets of InBusiness.com. The sale is being handled by investment banker Watershed Capital Partners Inc.