Cygnus Business Media today announced that it has sold a large group of publications to SouthComm, Inc.
SouthComm, Inc. has reached an agreement with Charles Womack of Womack Newspapers, Inc. to acquire the assets of Creative Loafing Charlotte.
SouthComm has reached an agreement to sell the Louisville alt-weekly to a group of investors led by Aaron Yarmuth, son of the paper's founder John Yarmuth.
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Folio Weekly publisher David Brennan recently announced that he will be leaving the publication to serve as the group publisher for SouthComm Inc.
With the transaction, Nashville-based SouthComm now owns eight AAN-member publications, and the New York-based investment firm Atalaya Capital Management exits the alt-weekly business.
Salaries at the Chicago Reader, Creative Loafing Atlanta and Washington City Paper will be reduced by 5 percent company-wide. Efforts to sell the chain's remaining papers have stepped up.
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