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For Immediate Release
BIA DIGITAL PARTNERS INVESTS IN CREATIVE LOAFING
CHANTILLY, VA, July 27, 2007 - BIA Digital Partners, a private investment firm focusing on mid-to-later stage companies, announced today that it has made a mezzanine investment into Atlanta-based Creative Loafing, Inc. The investment enables the acquisition of the Chicago Reader and the Washington City Paper, the leading alternative newspapers in the Chicago and Washington, D.C. markets, respectively. The acquisition expands Creative Loafing's presence to Atlanta, Charlotte, Chicago, Sarasota, Tampa and Washington, D.C. In conjunction with the investment, Gregg Johnson, a BIA Managing Principal, has been appointed to Creative Loafing's board of directors.
Founded in 1972, Creative Loafing is the second largest publisher of alternative weekly newspapers and has solidified a presence in three of the top ten advertising markets in the United States. In addition to its print publications, Creative Loafing operates a network of interactive websites and produces and hosts live events.
Creative Loafing CEO Ben Eason, a founder of the company and a veteran of the alternative newspaper industry, stated, "By cementing our presence in Chicago and Washington, D.C., we are now in an even stronger position to offer our advertisers exceptional access to the attractive reader-base and demographics of the Creative Loafing brand. Creative Loafing readers are highly engaged and influential members of the communities in which they live, and have been loyal readers and users of our publications and websites for many years."
Eason further stated, "The subordinated debt investment from BIA Digital Partners will enable us to capitalize more quickly on opportunities in the digital and online media space as we roll out a significant investment and expansion plan for our interactive assets. We are very excited about this new financial partnership with BIA, given BIA's substantial knowledge and experience in both the traditional and online media sectors. These guys "get" the convergent platform opportunities and we're looking forward to the future with Gregg and Damien as partners."
"Creative Loafing has a well developed brand and exhibits strong franchise characteristics with some very compelling growth opportunities," stated Gregg Johnson. "Creative Loafing's attractive reader base in six leading US cities, edgy content and online properties create a unique platform to offer advertisers both traditional print and digital marketing and advertising solutions."
BIA Digital Partners has provided capital to the media, entertainment, telecommunications, education and business and information services sectors for more than five years and is one of the most active mezzanine investors with this exclusive sector focus. Additional information on BIA Digital Partners is available by contacting Gregg Johnson or Damien Dovi at (703) 227-9600. Further information is also available at www.biadigitalpartners.com.