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INVESTOR RELATIONS - Press Release
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|DOLAN MEDIA ACQUIRES PRINT, ELECTRONIC ARIZONA NEWS SERVICE|
PHOENIX, AZ, April 28, 2005 (Dolan Media Newswires) – Dolan Media Company said today it had acquired Arizona News Service, a multimedia electronic and print publisher specializing in coverage of Arizona state government.
The sellers were Ned and Diana Creighton, who are retiring from the company. They joined Dolan Media President Jim Dolan in announcing the transaction to employees.
“Arizona's business and legal communities depend on this company for important coverage of the capitol and state government,” Dolan said, adding. “If state government has a Bible, this is it. We are proud to be associated with it and we pledge to continue its tradition of speed, accuracy, fairness and insight.”
Publisher Ned Creighton said he decided to sell because “it's time for this company to take the next step it needs to continue to grow with Arizona. Dolan Media has the resources and experience to enable that expansion.”
“We think it's a perfect match,” added President Diana Creighton. “We are particularly happy with this transaction because Dolan has the expertise and knowledge in our field and shares our values of dedication to clients and community.”
The transaction included Legislation On Line Arizona, an electronic legislative news service; Arizona Capitol Times, a weekly newspaper; the daily Arizona Legislative Report, published during legislative sessions; Yellow Sheet Report, an insider newsletter published three times a week during interim periods between legislative sessions; The Green Book, a widely used annual guide to the Arizona Legislature; and various magazine-format publications on the workings of state government.
Dolan also announced the appointment of Ginger Lamb as vice president and publisher supervising all of Dolan Media's operations in Arizona. Lamb's appointment is effective immediately. She reports to Mark W.C. Stodder, executive vice president of Dolan Media's newspaper division.
Arizona News Service has 24 fulltime employees, all of whom Lamb said would be retained. The company will remain near the capitol at 1835 W. Adams Street in a building included in the transaction.
Arizona News Service has a long and illustrious history stretching back more than a century, longer than Arizona has been a state. Ned Creighton's grandfather, also named Ned Creighton, began serving business clients by providing information on Arizona territorial government early in the 20th Century, founding Arizona News Service in 1906 to publish a legislative newsletter.
In 1946 the founder's son, Robert, added a newspaper, then called the Messenger and later renamed the Arizona Legislative Review. Robert's son, Ned Creighton, took over the business in 1970, and his wife, Diana, joined the firm in 1980. In 1982 they renamed the newspaper the Arizona Capitol Times to reflect its expanded coverage of state government
In 1984 they added the online tracking service, known by the acronym LOLA, one of the first such services in the United States. LOLA provides bill-tracking services and extensive coverage of the legislative process and state government.
Lamb said Dolan Media has pledged to invest resources to continue Arizona News Service's growth. She is moving to Phoenix from Kansas City, where she has been vice president and publisher of Dolan Media's Kansas City Daily Record, a daily business newspaper.
Lamb is a native of Rochester, NY, and was the editor of the Rochester Daily Record when it was acquired by Dolan Media in 1998. She has run the Kansas City newspaper since Dolan Media 2001. Her husband, David, is a mechanical designer and a professional golfer.
The Creightons were advised in the transaction by Jim Afinowich of Fox & Fin Financial Group, LC, Scottsdale, and Ted Rickenbacher of Rickenbacher Media, Inc., Dallas.
Closely held Dolan Media, based in Minneapolis, is a leading provider of highly targeted, specialized business information products and services. It operates daily and weekly business newspapers, including law and business publications and electronic information services, in 21 U.S. metro markets. Its New York City-based Counsel Press is the nation's largest provider of appellate legal services and its Greene & Associates telemarketing unit is a leading business-to-business teleservices company based in Lincolnshire, IL