After tipping the news earlier today, New York Post media columnist Keith J. Kelly now has confirmation. Modern Luxury has finalized a deal to acquire GreenGale Publishing. Based in Nevada, Greengale’s portfolio of magazines includes Gotham, Hamptons, Vegas, Michigan Avenue and Phildalelphia Style.
It’s a major and long-rumored development in the print-media realm of regional glossy magazines. From Kelly’s second report:
“It took years to do, but we finally got it done,” Modern Luxury CEO Michael Dickey said of the deal. “Our goal is to keep all the magazines up and running and to increase sales staff and editorial staff in those markets.”
He conceded that there would be some “synergies” regarding staffing at back shop operations but had no numbers to reveal.
As part of the merger, Kelly reports that GreenGale CEO Katherine Nichols will retire. The deal ups the total number of Modern Luxury publications to 84.