American City Business Journals (parent of the Philadelphia Business Journal and similar publications around the country) yesterday announced it had acquired Streetwise Media, publisher of online journals BostInno in Boston and InTheCapital in DC. The websites cover education, political and lifestyle, in addition to local business and technology news. Terms were not disclosed.
There are a couple of interesting angles to this. One is that ACBJ obviously has intentions to expand the Streetwise Media concept to at least some of the other markets its publishes in. Could Philly be one of them?
The other local connection is that Radnor-based TL Ventures last year led a $1.3 million seed round in Streetwise Media. Carolyn Harkins of TL Ventures, who is also CEO of Harkins Venture Advisors and Managing Director of Penn Mezzanine Partners, served on Streetwise's board.
ACBJ is a unit of Advance Publications, which also publishes many daily newspapers and owns the Conde Nast magazine group, in addition to cable tv and broadcasting interests. Advance Publications has cut back several of its dailies to three days per week print schedules in recent months.