Angel InvestorsWTVP acquires local magazine with support from angel investors...

WTVP acquires local magazine with support from angel investors – Current

-

- Advertisment -spot_img

Current (https://current.org/2021/11/wtvp-acquires-local-magazine-with-support-from-angel-investors/)
WTVP headquarters in Peoria, Ill.
WTVP in Peoria, Ill., has acquired the intellectual property and community events of a local monthly magazine owned by Central Illinois Business Publishers.
Peoria Magazine will cease publishing after its December 2021 issue and return in 2022 under WTVP’s direction. WTVP is considering bundling the print publication with its monthly program guide and offering Peoria Magazine as a membership perk, according to WTVP CEO Lesley Matuszak.
Jan Wright, president and co-founder of Central Illinois Business Publishers, is closing her business to retire and enjoy life with her new husband, Matuszak said. She began exploring the possibility of acquiring Peoria Magazine this month after learning that Wright, a friend and business owner she holds in high regard, planned to close the publishing company.
WTVP’s membership has grown from fewer than 4,000 donors to more than 6,000 during Matuszak’s two-year tenure at the station, and she’s seeking additional opportunities to boost donor revenue.
“It makes sense for us to take advantage of this opportunity,” Matuszak said. “We believe in enriching the community, and we feel this is a way to engage further.”
The deal was financed by angel investors, Matuszak said. “I’ve got an angel or two in my back pocket. … That’s just how I operate,” she said. She did not tap the station’s general membership fund for the transaction, she said.
“Any member that donates or makes an endowment gift to WTVP, their money stays in television,” Matuszak said, adding “we are not spending a lot of money” on the deal. “We are doing nothing but acquiring the name of the business and these special events.”
WTVP will not take on the magazine’s employees, its offices or any additional business debt. Wright co-founded Central Illinois Business Publishers in 1989 with her late husband, David, who died in 1997. She has agreed to work with WTVP as an unpaid consultant.
Four of the magazine’s signature events will continue under WTVP’s direction including “40 Leaders Under Forty,” “Local Legends,” “Women of Influence” and the “Community Impact Guide.” An additional event associated with Bradley University is also in the works, Matuszak said.
WTVP should earn at least $100,000 annually on the magazine’s events, Matuszak said. She expects those revenues to grow 25% each year by the end of 2024. WTVP can leverage the magazine’s relationships with corporations, like Illinois-based Caterpillar Inc., who may be interested in sponsoring events or underwriting programs, she said.
Matuszak, CEO of WTVP since 2019, said news that Chicago Public Media is pursuing a merger with the Chicago Sun-Times inspired her to pursue the deal. “When I heard about [WBEZ] taking over the Chicago Sun-Times, my mind went crazy with ideas,” she said.
Will the deal be a national model? Station executives weigh in.
Your email address will not be published. Required fields are marked *




document.getElementById( “ak_js” ).setAttribute( “value”, ( new Date() ).getTime() );

Current is an editorially independent, nonprofit service of the American University School of Communication. We’re funded by your subscriptions, your donations, advertising, and a generous grant from the Wyncote Foundation.
Copyright 2021. Current. All rights reserved.
Built with the Largo WordPress Theme from the Institute for Nonprofit News.
Back to top ↑

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Engineer Turns Entrepreneur After Fully Online MBA – BusinessBecause

Please try again or another word Register or Login Partner Sites Login/Register Experienced engineer Matti Jokinen...

Fake money, real experience: Dal students profit from pretend hedge fund – The Signal

Dalhousie Investment Society 'doesn’t get the attention it deserves,' says professor By Ryan Bellefontaine December 1, 2021, 8:00 am ASTLast Updated:...

5 Stocks I Expect Will Make Me Wildly Rich by Retirement – Motley Fool

Returns as of 12/01/2021Returns as of 12/01/2021Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps...

This Entrepreneur Proved That Startups Can Reinvent Themselves When Necessary – Forbes

Chris Riley, Co-founder of USA RxStarting a business isn't easy, and the odds of success are always against you....
- Advertisement -spot_imgspot_img

How Young People Can Get Started in Real Estate Investing – Motley Fool

Returns as of 11/30/2021Returns as of 11/30/2021Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps...

Unify Platform AG Launches New Feature on UNIPLAT: Credit Rating of Researchers and Entrepreneurs – Yahoo Finance

- Credit Rating Helps Researchers and Entrepreneurs to Visualize Their Credibility -YOKOHAMA, Japan, Nov. 30, 2021 /PRNewswire/ -- Unify...

Must read

- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you