After some lengthy negotiations, Tangible Media has sold Classic Driver and NZ Today to Christchurch-based publisher SW Media, a company associated with the successful online classic car sale website www.simplyclassics.co.nz.
Both magazines have been published by Tangible Media since March 2009 in a joint venture with well-known media personality Allan Dick. Dick will continue in his editorial roles on both magazines.
Ex-publisher John Baker says it's fair to say the magazines haven't been the financial powerhouses he had hoped for when they came into the Tangible stable. But he says they have been improved considerably since then, to the point where they could be sold as going concerns (not surprisingly, he wouldn't say for how much).
Both titles have enjoyed significant circulation growth (Classic Driver up 8.5 percent to 5386 and NZ Today up 7.3 percent to 7599 net circ in the latest ABC numbers) and there is expectation this growth will continue under the new ownership.
Baker says letting these titles go is part of a strategic decision by Tangible to "narrow the focus and investment on things we know have significant growth potential, in print and digital".
So, despite some rumours to the contrary, it's business as usual for both magazines and all advertising and circulation enquiries should be directed to Wes Davies.
SW Media is located in the south-west of the city and was not directly affected by the earthquake.