CMP Media LLC acquired online business-to-business publisher Light Reading Inc. for $27 million in cash, The Jordan, Edmiston Group Inc. said yesterday.
Light Reading, New York, was founded in 2000 and serves the telecommunications industry. Along with online BTB titles Light Reading, Byte & Switch and Unstrung, it produces trade shows.
CMP, a subsidiary of Britain-based United Business Media, sees the deal as a chance to take a leading position in the telecom segment as it is poised for a new round of growth.
Light Reading becomes an autonomous business unit within CMP. Stephen Saunders, co-founder/CEO of Light Reading, will remain president of Light Reading. He also assumes the title of senior vice president of CMP's newly formed communications group.
Jordan, Edmiston represented Light Reading in the transaction.