NU's Parent Moves To Acquire Wicks Business Information

Summit Business Media LLC–owner of Highline Media, which publishes National Underwriter magazine–has signed an agreement to acquire Wicks Business Information, a media company serving financial services and legal professionals.

Summit is filing for Hart-Scott-Rodino antitrust approval and expects to consummate the transaction by the end of June. Terms of the transaction were not disclosed.

WBI publishes Investment Advisor, Credit Union Times, Inside Counsel and Treasury & Risk magazines, as well as various Web sites, custom publishing projects and an array of live events.

Its Executive Enterprises seminar unit produces more than 100 courses each year, serving the specialized continuing education and training needs of accountants, lawyers and tax professionals. A summary of WBI's products can be found at www.wbi.com.

The WBI business will join Summit's Highline unit, headed by Andrew L. Goodenough, president of Highline, who led the acquisition of The National Underwriter Company in 2003.

“This acquisition represents a major expansion of our business-to-business media franchise in financial services, including investment advisory and credit unions, as well as corporate treasury and legal functions, and complements our existing strong presence in insurance markets through our Highline Media and SB Media operating units,” said William F. Reilly, chairman and chief executive officer of Summit Business Media.

Mr. Goodenough added that “we are delighted to have John Whelan, the vice president and group publisher of WBI, join our cadre of experienced publishing executives. He and the WBI team of editors, publishers, advertising sales executives, event organizers and others–more than 70 employees in total–will give a strong boost to our focus in financial services, as well as expansion into new fields which fit our professional services market definition.”

Mr. Whelan will report to Thomas A. Fowler, executive vice president of Highline's Magazine Division, while the EEI and events businesses will report to James M. Keefe, senior vice president of Highline's Conference Division.

Douglas J. Manoni, WBI's CEO, will be leaving the company after a transition period.

Mr. Reilly added that “this is an important step in our strategic goal of becoming a major business information company. This is Summit's third major acquisition since our formation in November, and we will continue to support our operating units with opportunistic acquisitions as well as investments in organic growth.”

Summit Business Media was formed through a partnership between William F. Reilly, former CEO of PRIMEDIA, and Wind Point Partners in an acquisition of Highline Media and Pfingsten Publishing in November 2006.

Summit Business Media serves the insurance community via Highline's National Underwriter property-casualty and life-health newsweeklies; the biweekly Insurance Advocate; and monthly magazines including Claims, Tech Decisions and Florida Underwriter as well as SB Media's Life Insurance Selling and American Agent & Broker.

Summit Business Media also serves the financial services and insurance industries via magazines such as Wealth Manager, Research and Futures; reference tools like TaxFacts and the Fire, Casualty and Surety Bulletins; and 150 other books, electronic products and conference events.

Summit is also a leading data provider of financial and market information on insurance companies through its Highline Data subsidiary.

Additional information about Summit Business Media is available at www.summitbusinessmedia.com.

Additional information about Highline Media and SB Media, LLC is available at www.highlinemedia.com and www.sbmediallc.com.