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P.M. Briefing : Canada Firm to Buy U.S. Monthly

From Times Wire Services

Telemedia Inc., Canada’s largest publisher of consumer magazines, said today it has reached a tentative agreement to buy New England Monthly, a 5-year-old regional magazine that has been struggling toward profitability.

Terms of the sale were not disclosed pending ratification of the agreement by the magazine’s 59 shareholders. Both Robert Nylen, 44, the magazine’s publisher, and Editor Daniel Okrent, 40, will continue in their jobs.

Despite winning national awards for journalism and tripling its circulation to more than 116,000, New England Monthly’s costs continue to exceed its revenues, Nylen said.

A literate, breezy, often irreverent publication, New England Monthly frequently profiles small companies or craftsmen and devotes one issue a year to “local heroes.” But it has been harshly critical of some of New England’s most powerful institutions and individuals.

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