The long-speculated merger of alternative weekly chains New Times Media and Village Voice Media– more accurately, the non-cash acquisition of the Village Voice and its integration into New Times — is underway. The proposed merger of the two private companies will have to pass federal muster so changes are months away. New Times would own 62 percent and hold five of nine board seats with New Times Chairman and CEO James Larkin retaining those positions in the new company, according to the NYT’s Richard Siklos. The combined company would have roughly $180 million revenues.
Plans include a revamped online strategy with the Village Voice as “the national brand for a new alternative media Internet portal.” Highlighting the importance of online, VV CEO David Schneiderman will head the online efforts of the merged company as president of the internet division. The strategy is aimed in no small part at enhancing classified revenues dragged down by competition from free listings; the VV papers will be added to New Times’ effort at a craigslist antidote backpage.com. Schneiderman told Siklos, “We’ve lost millions of dollars of revenue to free online classifieds.” In his memo to the staff, Schneiderman describes his new role as “leading the effort to build a robust and successful web platform for the new company. … My immediate goal is to grow our online audience by utilizing our existing resources, and to break new ground in delivering fresh and compelling content to an ever-expanding audience in any way they wish to receive it.”
The VV properties also would become part of national sales efforts by New Times’ subsidiary Ruxton Media Group, a print-online marketer that specializes in reaching “younger, urban consumers.”
Interesting situation for whoever ends up with the VV online editor in chief job posted on our Digital Jobs Blog. The job “a new position that will play a critical role in shaping our company’s future. This is a unique opportunity to leverage the benefits of a revered brand to drive future growth and influence the direction of online journalism.” Reading between the lines, this could be the editor of the new nationally aimed site described above.
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