Hemmings under new ownership

["Wayne Graefen" <wgraefen@xxxx>]

If I missed this news item, then maybe some of you did also.
Wayne
*************

Hemmings Motor News to be acquired by American City

Friday April 12 9:15 AM EST


Bennington, Vermont - Hemmings Motor News, known as the "bible" of
the old car hobby, will be acquired by American City Business
Journals Inc., Charlotte, NC, from the family of Hemmings' late
publisher and editor, Terry Ehrich. Mr. Ehrich died in January after
serving as publisher and editor of the monthly publication for 33
years.

Also included in the sale, which is expected to close by May 1, are
affiliated publishing assets of Hemmings including two smaller
magazines and a unit that publishes books, calendars, and other
publishing products featuring old cars. Terms of the transaction
were not disclosed.
Hemmings, which has a circulation of 223,000, is the leading monthly
publication for hobbyists and collectors of antique, vintage and
special interest cars. Hemmings' brown kraft paper cover and
tissue-thin advertising pages are distinctive features of the
publication. The publication provides its readers with 650 to 750
pages of advertising each month for collector cars and parts,
restoration services and tools, literature and car shows and
rallies.

"Hemmings is the crown jewel among publications serving the
collector car market," said Ray Shaw, Chairman and CEO of American
City. "We're gratified that we were chosen to carry on Terry
Ehrich's unique legacy of service to the collector car hobby. Terry
Ehrich made Hemmings one of the most trusted names in this
business."

Mr. Shaw said Hemmings and its allied businesses, which together
employ 115 people, will continue to be based in Bennington.

"We've had a wonderful run with our publications, but we are pleased
to be handing over the keys to Advance Publications and ACBJ, who
have proven to be superb owners of business and automotive
publications," said Perez Ehrich, Vice President of Hemmings and
brother of Terry Ehrich. "We look forward to seeing the Hemmings
brand continue to flourish in high gear, not only in print, but
especially through online and other platforms."

The collector car market is growing, Mr. Shaw said, fueled by the
growth in the 50-plus age category and the rising affluence of this
demographic group.

"Collecting old cars is not a shade-tree mechanic hobby," Mr. Shaw
said. He noted that Hemmings subscribers have an average household
income of $109,900, 83% are college educated and on average own 4.2
collector cars valued at $100,000. They also own 2.1 passenger cars
on average.

Hemmings has a strong online presence. Its hemmings.com carries all
advertisements published in the magazine as well as other content;
Forbes magazine named hemmings.com the best car collector web site
in both 2000 and 2001. The magazine also builds and hosts more than
1,100 collector car club Web sites.

American City is the largest publisher of metropolitan business
journals, owning 41 such publications. It also is a leading sports
publisher. Under its Street & Smith's unit, it publishes the two
leading NASCAR magazines and five sports annuals. It operates nearly
50 web sites which together have more than 2 million subscribers or
registered users.

Advance Publications owns Conde Nast publications, which publishes
such magazines as The New Yorker, GQ, Vanity Fair and Vogue. It also
publishes Parade magazine and 26 daily newspapers and is partner
with AOL-Time Warner in owning cable television systems.