Canon Communications LLC on Thursday said that its owners have agreed to sell it for $287 million to London trade publisher United Business Media Ltd.
The Los Angeles producer of industry trade shows, publications, and electronic media generated $106 million in revenue and $37 million in EBITDA earnings in the fiscal year ended June 30. Apprise Media LLC of New York and its Boston private equity partner, Spectrum Equity Investors, have owned the company since 2005.
United Business Media owns PR Newswire and publishes business-to-business magazines such as InformationWeek. The Canon purchase is subject to U.S. anti-trust review.
“Given UBM’s size, resources and demonstrated ability to grow strong B-to-B media brands… we believe that UBM can help accelerate Canon’s success,” Canon Chief Operating Officer Michael P. Behringer said in a statement.
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