Dowden Health Media in talks to sell to Lebhar-Friedman
Dowden Health Media, publisher of The Journal of Family Practice and Current Psychiatry, is deep into negotiations aimed at selling the company to Lebhar-Friedman, a New-York based b-to-b publisher that also is family-owned. Carroll Dowden, co-founder of Dowden in 1988, said the two companies hoped to successfully conclude the negotiations -- or break them off -- by the end of March.
No financial terms were disclosed. DeSilva & Phillips represents
Dowden Health Media in the deal.
"The concept is that we would retain our identity and operate as a subsidiary in Montvale, N.J., with the current management," Dowden told MM&M.
Lebhar-Friedman president Roger Friedman could not be reached to comment. Under terms of the deal being negotiated, all senior Dowden managers would remain in place for at least five years. Carroll Dowden would become president and chief executive of Dowden Health.
Lebhar-Friedman, founded in 1925, publishes Nation's Restaurant News, its flagship title, DSN Retailing Today and Drug Store News. The Drug Store News group also publishes several consumer oriented titles distributed free in chain drugstores and manages a thriving continuing education program for retail pharmacists and technicians.
According to news reports, Dowden projects revenues of $37 million for 2005. Dowden told Folio magazine that liquidity for his family and another key investor -- Lewis A. Miller -- is the reason behind the sale. Overall, Dowden publishes five journals and four consumer titles, and also offers CME programs. Lebhar-Friedman has estimated annual revenues of $80 million.