The new company will maintain the Metro Times name. Owner and publisher of Real Detroit Weekly, John Badanjek, will serve as president of events of the newly formed media company alongside Chris Keating, publisher of the Metro Times.
The president of the largest real estate brokerage company and franchisor says that the Coldwell Banker and Century 21 branding budgets for newspapers will shrink by as much as two-thirds next year from 2006, Inman Real Estate News reports. Realogy intends to slash its newspaper advertising budget to 70 percent of its home-sale ad spend by 2010, down from 84 percent this year, as it shifts more ad dollars online. Borrell Associates has found that online real estate advertising grew from a $1.2 billion in 2004 to a $1.7 billion in 2005, and will grow to a $3.1 billion by 2010.