New York, NY–With an emphasis on pursuing relationships and investments in leading media markets, namely the residential custom-installed industry, the parent company of Residential Systems magazine, formerly known as CMP Entertainment Media Inc., was officially acquired last week by a New York-based private equity firm, The Wicks Group of Companies, LLC. NewBay Media LLC is the new name of the operation that serves audio and video systems installers along with professional and enthusiast musicians, recording professionals, sound engineers, and technology educators.
The assets of NewBay Media consist of 14 magazines, eight events, numerous supplements and newsletters, custom products, and more than 20 rapidly growing online properties. Major business-to-business titles acquired include Residential Systems, Pro Sound News, Systems Contractor News, Videography, Government Video, DV, Technology & Learning, and Television Broadcast magazines as well as business-to-consumer titles such as Guitar Player, Bass Player, Keyboard and EQ magazines.
Tony Keefe, the current CEO of the business, will continue in this role at NewBay. Keefe has more than 20 years of experience in the media industry, having spent the past eight years in various positions with United Business Media, parent company of CMP.
“I’m excited to be a part of this new partnership with Wicks,” Keefe said. “We plan to make significant investments in the business to further strengthen our market-leading products and brands and to continue to build value for our customers. Our business is full of talented people and we will all be working together to maximize the potential of our multimedia platform.”
Jamie Weston, partner at the Wicks Group, said, “NewBay has been formed to pursue a strategy of acquiring and developing information products in the entertainment and entertainment technology sectors. The acquired assets constitute a significant foundation on which to build a leading media company serving musicians and sound and video professionals and their related fields. We look forward to working with Tony and his team to explore additional ways of growing the value of this franchise.”