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The Miami Herald, USA, October 27, 2009

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Firm acquires Latin Business Chronicle

BY JIM WYSS [email protected]

Coral Gables-based Miami Media is doubling down on Latin American business news with the acquisition of online journal Latin Business Chronicle.

The move, announced Monday, comes after Miami Media purchased the assets of Latin Trade magazine in May 2008, giving the two-decade old publication life after bankruptcy.

Miami Media, a subsidiary of New York-based Manhattan Media, would not disclose the terms of the deal.

Miami Media Chairman Richard Burns said everything from the 2016 Olympics in Brazil to the hopes of a commodities-led economic recovery -- which would benefit Latin America -- are driving interest in the region.

Established in 2001, Latin Business Chronicle is a subscription-based website with about 15,000 unique visitors per month, he said. While that's relatively small, it has a solid readership including government leaders, Microsoft, Chevron and FedEx, the company said.

Miami Media also owns the rights to The BRAVO Business Awards, which will be hosting Mexican President Felipe Calderón in Miami this Friday.

The deal was financed by Isis Venture Partners, and Burns said other deals may be in the works. Isis is still ``highly liquid and would be very interested in making more acquisitions tailored to this space,'' he said.

The news comes as magazine publishers, reeling before the recession began, are seeing even sharper advertising and circulation declines that have forced many to close. Earlier this month, Condé Nast said it would be closing the nation's oldest cooking magazine, Gourmet, along with three other titles.

 

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