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Reports of Publishing Company Sale Premature, But Deal is Still Brewing
October 15, 2008 - Reports last week that three locally-produced publications, AntiqueWeek, Farm World and Auction Exchange and Collectors News, have been sold turned out to be false, according to Publisher Richard Lewis. United Kingdom-based DMG World Media owns the publishing business.
At least two news organizations reported the company had been sold to unidentified buyers, based on information from unnamed sources inside the company. While a sale may be imminent, Lewis, who oversees the local publishing company, said no agreement has been reached and reports indicating such are inaccurate.
“There have been a number of rumors and I would like to clarify what’s going on,” Lewis told The Banner. “The entirety of the Mayhill business in Knightstown is under offer but no sale has been completed. The buyer is highly reputable and will bring great energy and focus to our business.”
Both the Indianapolis Star and an antiques industry news organization, Auction Central News, said the company had been sold. Both have since retracted and clarified their stories.
Lewis explained that a deal is in the works for the sale of the company, which employs nearly 100 full-time people. However, as yet, no agreement has been reached and the company remains under the umbrella of DMG World Media. He did say that the buyer is reputable and, if a deal is reached, has no plans for large-scale changes.
“Critically, the buyer will make no major changes to the current operations and has no plans to downsize the operation,” Lewis said. “We hope that the deal is completed in the next 45 days. So it's business as usual for AntiqueWeek, Farm World and the Auction Exchange and Collectors News. And in the event that the deal is not completed, DMG World Media will continue to run the Mayhill business.”
The identity of the new owner was not revealed and no announcement is expected until the deal is closer to finalization.
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