British media company Dennis Publishing is on the prowl for US titles to add to its growing media collection, Media Ink has learned. Dennis, which owns The Week in the US and Britain, just added Kiplinger’s Personal Finance magazine and related newsletters and Web sites to the nearly 30 online and print publications it now owns.
And that’s just the start, said Dennis CEO Jack Griffin.
“We think this acquisition in the US is just the beginning,” Griffin told Media Ink. “We’re a very acquisitive company.”
It’s unclear how much Dennis paid for Kiplinger, but the 99-year-old family-owned enterprise is profitable, with revenue of more than $30 million.
In Britain, Dennis owns MoneyWeek and e-commerce site Buyacar, which finds vehicles for sale, and digital auto sites including Auto Express and Carbuyer.
Griffin, a veteran publishing executive, joined Dennis last November, shortly after private equity firm Exponent bought it from the estate of Felix Dennis, a British publishing maverick who had introduced The Week and Maxim to the US market.
Maxim has since been sold twice while The Week was Dennis’ sole US publication — until the Kiplinger deal.
Knight Kiplinger, 71, a third-generation Kiplinger who also heads the Kiplinger Washington Editors, broke the news of the sale at a staff meeting on Thursday morning.
“I think there’s a lot of positive energy,” Kiplinger told Media Ink.
He said he will be an adviser to the firm post-acquisition but will relinquish his chairman and editor-in-chief titles.
“We’re a small, profitable media company,” he said.
Griffin said he plans no changes among the 85 staffers, who will remain based in Washington, DC, other than promoting Denise Elliott, who was the chief operating officer, to CEO of the newly acquired division.
Aside from its 600,000-circulation flagship magazine, Kiplinger also publishes newsletters, including The Kiplinger Letter, The Kiplinger Tax Letter and Kiplinger’s Retirement Report—all with no ads, relying entirely on circulation revenue.
“They can charge premium subscription prices and have very high renewal rates and a diversified revenue stream,” said Griffin.