Right on the heels of Gannett’s selling The Inquirer and Mirror of Nantucket and The Pine Bluff Commercial of Arkansas, the giant chain has now announced that it’s offloading its business-to-business subsidiary, BridgeTower Media, to a private-equity firm.
BridgeTower’s local holdings include Massachusetts Lawyers Weekly, Rhode Island Lawyers Weekly and Color Magazine, which “highlights topics of interest revolving around professionals of color.” The new owner, Transom Capital Group, is based in Los Angeles. Its self-description is so hilariously awful that it’s worth quoting:
Transom Capital Group is an operations-focused private equity firm in the lower-middle market. Our functional pattern recognition, access to capital, and proven ARMOR℠ Value Creation Process combine with management’s industry expertise to realize improved operational efficiency, significant top-line growth, cultural transformation and overall distinctive outcomes.
It’s too early to hope that the debt-addled Gannett chain, which has a stranglehold on most of the community newspapers in Greater Boston, Rhode Island and southern New Hampshire, is in the midst of a selloff. But if you’re thinking of making an offer on your local Gannett-owned newspaper, it looks like this might be a good time.