Quadrant HealthCom purchased the journals division of Dowden Health Media from Lebhar-Friedman. Terms of the deal were not disclosed.
The transaction, brokered by media bankers Desilva + Phillips, closed yesterday. It gives Quadrant HealthCom four Dowden Professional Publications journals – OBG Management, Current Psychiatry, The Journal of Family Practice and Mayo Clinic Proceedings – along with Dowden's events division. About 30 Dowden employees will relocate to Quadrant's headquarters in Parsippany, NJ.
Quadrant president Stephen Stoneburn said in a statement: “We are excited about the opportunity to add leading properties in new therapeutic and audience markets and to expand our already strong presence in the women's healthcare sector.”
Quadrant's stable of nine journals includes The Female Patient.
Lebhar-Friedman acquired Dowden in 2005, and is keeping Dowden's hospital marketing group and medical education business.
Lebhar-Friedman president Roger Friedman said that with the dropoff in journal ad pages and numerous blockbusters losing patent protection in the next few years, his company was looking for less exposure to advertising-dependent businesses. "We wanted to get away from products that were strictly advertising-based, and the professional journals group at Dowden was almost entirely advertising-based," said Friedman. "We'd rather be in databases, research, education -- more proprietary products."