Carpenter Media Group completes acquisition of Black Press Media, including The Star-Advertiser in Honolulu
Published 12:20 pm Tuesday, March 26, 2024
NATCHEZ — Carpenter Media Group announced today completion of its acquisition of U.S. and Canadian publisher Black Press Media in a stock purchase together with Canadian financial partners Canso Investment Counsel, LTD, and Deans Knight, LTD.
Todd Carpenter
Black Press Media owns more than 150 newspapers and media operations in Western Canada, Washington, and Hawaii, including The Star-Advertiser in Honolulu, the sixth-largest U.S. daily newspaper by print circulation. Other assets include websites, lifestyle, and tourism magazines, Amazon last-mile delivery franchises, and national tourism website Hawaii.com. Black Press Media serves about 4.5 million print readers and 13 million digital readers daily.
Carpenter Media Group is a leading community media company with operations in Texas, Louisiana, Mississippi, Tennessee, Georgia, North Carolina, Virginia, and Kentucky. Todd Carpenter, of Natchez, is principal and chairman. Tim Prince, of Mountain Brook, Alabama, is CEO.
Carpenter Media Group has offices in Natchez and Tuscaloosa, Alabama, with key people working from various operations throughout the group. Todd and Emily Carpenter are long-time residents of Natchez and will continue to live here.
Carpenter Media Group, Canso, and Deans Knight will share ownership, and Carpenter Media will manage the companies.
Members of the Black Press management team will assume key roles in the organization. Longtime regional COOs Randy Blair, Josh O’Connor, and Dennis Francis have been named Senior Vice Presidents. Chris Hargreaves has been named Senior Vice President and CFO. Andrew Franklin has been named Senior Vice President and Chief Digital Officer. Others in Black Press and Carpenter Media are accepting new roles and responsibilities.
Canso, with total assets under management of over $40 billion, is based in Richmond Hill, Ontario, and provides portfolio management services to Canadian institutional and private investors. Founded in 1997, it is a private company that is owned by its investment professionals, who are dedicated to partnering with its stakeholders. The group is enthusiastic about community media and its importance to the communities it serves.
Established in 1992, Deans Knight is an independent, employee-owned, asset management firm advising families, foundations, and institutions. It is focused on providing clients with unique investment strategies, along with the highest level of customer service.
Carpenter Media Group is organized and driven to serve and develop communities through excellent local journalism, guiding the marketing and advertising of its small and medium-sized business customers and developing its team members to grow personally and professionally.
“We are pleased to succeed David Black and his family in responsibility for these important institutions and the communities they serve,” said Carpenter. “We have much in common with the Black organization in values and heritage, and we will work hard to make our being chosen to lead in this next chapter of the company’s development a good decision for all.”
Prior to chairing Carpenter Media Group, Carpenter was a longtime CEO and director of Boone Newsmedia Inc., which, including Carpenter Media’s holdings, managed 85 newspaper titles, various magazines, websites, and other businesses in 12 states.
Dirks, Van Essen & April, a media merger and acquisition firm based in Santa Fe, New Mexico, represented Black Press.
For more information on Carpenter Media Group: www.carpentermediagroup.com
For more information on Canso Investment Counsel, Ltd.: www.cansofunds.com
For more information on Dirks, Van Essen and April: www.dirksvanessen.com
