The family-run Swedish media giant Bonnier Corp. continues its retreat from the US market with the sale of Popular Science, Field & Stream and Outdoor Life — each over 100 years old — to a private-equity firm that has been snapping up media properties.
Terms of the deal to North Equity, founded by Andrew Perlman and Matthew Sechrest two years ago, were not disclosed.
But the sale marks the latest effort by North Equity to quietly scoop up neglected media properties, including BobVilla.com from the home-improvement guru Bob Villa in June. It also owns The Drive, an automotive digital property started by Time Inc. in the waning days of its empire and sold by Meredith Corp. in November 2018.
And last week it acquired Task & Purpose, a news and culture website aimed at military veterans,.
“We started this adventure in the media space two years ago and are particularly proud that we’ve been able to expand through the pandemic,” said Perlman, managing partner and co-founder of the company with offices in Miami and San Francisco.
“In terms of the Bonnier titles, print will definitely have a place,” he said, adding that about 40 people will be sticking around under the new ownership. Sarah Gray Miller, the editor-in-chief of foodie title Saveur is not making the move to the new company, sources said. But editors-in-chief of the three largest titles — Colin Kearns at Field & Stream, Corinne Lonizzo of Popular Science and Alex Robinson at Outdoor Life — are expected to be among those who join the new company.
Other titles in the acquisition include Popular Photography and the sites Better You and Interesting Things. North Equity’s Lance Johnson, operating partner at North Equity and based in New York, will be the interim CEO.
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