Jim Pattison Group Finalizes Deal with Condé Nast, Hearst

Jimmy Pattison | BCBusiness
Jimmy Pattison’s Jim Pattison Group announced Tuesday its purchase of Comag Marketing Group from publishers Condé Nast and Hearst.

Vancouver’s Jim Pattison Group announced it will buy magazine distributor Comag, further expanding its already-wide market reach.

Leave it to local billionaire Jimmy Pattison to buy a company that wasn’t for sale.
 
On Tuesday, Vancouver-based Jim Pattison Group finalized its purchase of Comag Marketing Group, LLC, from U.S. magazine powerhouses Condé Nast and Hearst.
 
Princeton, N.J.-based Comag was Condé Nast and Hearst’s venture into magazine distribution. JPG’s acquisition of the company’s shares significantly expands their reach in the U.S. distribution market. Not that JPG needed any help in this area – with its News Group subsidiary, North America’s largest magazine and book wholesaler, JPG has an estimated 50 per cent of the U.S. market already.
 
According to Folio magazine, Comag wasn’t even for sale, but after a year of talks with JPG, Hearst and Condé Nast relented on a deal for a yet-to-be-disclosed amount.
 
The deal also included a long-term distribution agreement between JPG and the two prominent magazine publishers. Comag will also maintain its headquarters in New Jersey.
 
In an industry plagued by slumping ad revenues and less-than-stellar newsstand sales, JPG told Folio the acquisition will help smooth out the supply chain. Either way, the deal spells good things for Canada’s third-largest private conglomerate.